CBRE Capital Markets’ Debt & Structured Finance team has secured $151 million in financing on behalf of Harbor Group International of Norfolk, Virginia, for the acquisition of The England Group Portfolio, a 2,368-unit multifamily portfolio consisting of nine institutional-quality assets, in some of the most sought-after submarkets in the Dallas/Fort Worth and Houston areas.
A total of nine loans were provided in three separate closings. Freddie Mac provided seven new mortgages, each with a seven-year term and a floating interest rate.
In addition, Freddie Mac provided two supplemental loans on two of the assets, each with a 7.58-year term and a fixed rate, in conjunction with the approval of the first mortgage assumptions on those assets.
The loans were facilitated by Charles J. Foschini in collaboration with his partners Christopher Apone and Christian Lee of CBRE’s Miami, Florida, office.
Foschini said, “CBRE’s Miami office collaborated with the investment sales and debt teams in CBRE’s Dallas office to coordinate the loans. The Harbor Group is a fantastic buyer and completed the due diligence in a timely manner, which allowed Freddie Mac to commit and close the loans under very delicate time frames, ahead of schedule, in each of the three tranches of loans provided. The loans were aggressive both in terms of proceeds and terms material to a portfolio of this size and difficulty.”