CBRE Capital Markets’ Debt & Structured Finance team has arranged $156.83 million in financing for the acquisition of a six-property, 1,413-unit multifamily portfolio located in Washington and Oregon.
Brian Eisendrath and Cameron Chalfant of CBRE’s Beverly Hills office arranged the financing on behalf of Los Angeles-based TruAmerica Multifamily. CBRE secured seven-year, fixed-rate loans with three years interest-only on four of the properties, with a blended interest rate of 3.85 percent.
The remaining two properties were financed with floating-rate loans with three years interest-only and a starting rate of 2.60 percent. TruAmerica will implement a value-add renovation program upon acquisition.
“TruAmerica performed flawlessly throughout the transaction on a portfolio that provides a phenomenal value-add opportunity and the ability to capitalize on the strong Seattle and Portland rental markets,” said Eisendrath.
“A lot of strategic thought went into capitalizing the portfolio. By doing a deep dive into the business plan on each asset, we were able to match the most aggressive capital yielding the best returns.”
“We are extremely pleased with Brian and his team’s ability to accommodate a very smooth process and over deliver on all aspects of the loans,” said Robert Hart, CEO and President of TruAmerica.
“They provided aggressive financing and were able to increase proceeds by more than $5.4 million from application to closing, which will help us to reposition these well-built assets.”
The acquisition adds 1,413 units in Seattle and Portland to TruAmerica’s Pacific Northwest portfolio, which is expected to be well over 6,000 units by the end of the year.