CBRE Capital Markets’ Business Lending team has funded $4.3 million in acquisition financing through the Freddie Mac Small Balance Lending program for the purchase of two multifamily properties in Hartford, Connecticut.
The properties included in the transaction are:
Asylum Hill Apartments – Huntington, located at 57-63 Huntington Street; 35 units. CBRE secured a $2.2 million, interest-only loan at 80% LTV.
Asylum Hill Apartments – Collins Sumner, located at 179-199 Sumner Street; 41 units. CBRE secured a $2.1 million, interest-only loan at 80% LTV.
“These transactions were worked on side-by-side with William Raveis, Lisa Cozzi and the client’s attorney, Bruce Temkin with Attorney Bruce G. Temkin, LLC,” said RJ Luth, Jr., First Vice President, Debt & Structured Finance, CBRE Capital Markets.
“The successful closings of these transactions not only demonstrate the value of having seasoned professionals in all aspects of a deal but enabled CBRE and Freddie Mac to show the client the strength and value-add of the product.”
CBRE Business Lending, a unit under CBRE Capital Markets’ Debt & Structured Finance, is a unit designed specifically to facilitate the Freddie Mac Small Balance Loan Program and SBA 504 loans.
CBRE is a Freddie Mac Small Balance Seller/Servicer offering highly competitive rates, low closing costs, and a streamlined closing process. CBRE is also a Freddie Mac Program Plus Seller Servicer. Since joining the Freddie Mac Small Loan Balance program in April 2015, CBRE has closed more than $150 million in small balance loans.