HOUSTON –CBRE Capital Markets’ Debt & Structured Finance team has arranged $111 million in refinancing for a 1,254-unit, three-property multifamily portfolio in Houston.
The properties included in the transaction are:
- The Abbey at Barker Cypress, located at 1760 Barker Cypress Road, Houston, Texas.
- The Abbey at Enclave, located at 1910 Westmead Drive, Houston, Texas.
- The Abbey at Briargrove, located at 1202 Seagler Road, Houston, Texas.
Glenn Housman of CBRE’s Orlando office arranged the financing on behalf of the borrower, Abbey Residential, LLC, a firm led by Frank Barefield.
The loans were underwritten individually and were originated through Freddie Mac’s Capital Markets Execution program.
The loan terms included all-or-nothing pricing based on 80% loan-to-value (LTV) ratio, seven-year terms and fixed interest rates of approximately 3.75%.
Said Housman: “Freddie Mac’s Early Rate-Lock option provided the borrower an opportunity to take advantage of attractive fixed-rate financing options prior to the announcement of the government-sponsored enterprises (GSEs) volume cap issues in early April, which caused interest rate spreads to increase up to 50 basis points in some instances.”