CBRE Announces $99.7 Million Refinancing of 3 Class A Multifamily Communities in Lynn Haven and Tallahassee, Florida

CBRE has secured $99.7 million in loans for the refinancing of three Class A multifamily communities totaling 722 units in Lynn Haven and Tallahassee, Florida.

David Borge with CBRE Capital Markets’ Debt & Structured Finance in Orlando secured three 10-year fixed-rate non-recourse loans on behalf of the sponsor, Tallahassee-based Arbor Properties Inc. Fannie Mae originated two loans through its Delegated Underwriting and Servicing (DUS) program, and Freddie Mac originated the third loan through its Capital Markets Execution (CME) program.

The refinancing includes two existing loans for Arbor Crossing at Buck Lake, a 208-unit multifamily community in Tallahassee built in 2017, and Arbor Trace Apartment Homes, a 336-unit multifamily community in Lynn Haven built in 2007. The third was a construction loan take-out for Arbor Landing at Mill Bayou, a new 178-unit property in Lynn Haven. The loans provided the borrower cash out and the opportunity to maximize its cash flow during the loan term through attractive mid-5%, ten-year fixed rates with full-term interest only.

“We were very pleased with both agencies’ credit terms on these loans, as well as their ability to reach the target loan amount and assist the Borrower in the take-out of their existing construction debt,” said Borge. “We shopped this transaction to both government-sponsored enterprises (GSEs), and Freddie Mac and Fannie Mae best met the Sponsor’s internal financing needs.”

Borge added, “The GSEs continue to meet the needs of the multifamily industry by providing competitive financing options for multi-family loans in Florida and nationwide.”