Charlotte, NC

CBRE Arranges $62.1 Million in Refinance Loans for Six Multifamily Properties within the Sunbelt Across Charleston, Austin and San Antonio

04 May 2022

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CBRE has secured a $62.1 million loan for the refinancing of a six-property multifamily portfolio located within the Sunbelt across Charleston, S.C., Austin, Texas and San Antonio, Texas.

Nate Sittema and Kristen Reilley with CBRE Capital Markets’ Debt & Structured Finance group arranged the 10-year, full-term, interest-only Fannie Mae loans on behalf of Churchill Forge Properties, a Boston-based firm.

The 1,632-unit portfolio consists of:

  • Deer Run at 8755 Jenny Lind St in Charleston
  • Middleton Cove at 2274 Ashley River Road in Charleston
  • Canyon Point at 16550 Henderson Pass in San Antonio
  • Oak Springs at 3919 Perrin Central Blvd in San Antonio
  • Deer Oaks at 7230 Wurzbach Road in San Antonio
  • Churchill Crossing at 14100 Thermal Drive in Austin

“After owning these properties within their portfolio for over 25 years, Churchill Forge chose an early portfolio refinance of these assets to take advantage of the current low interest rate environment,” said Kristen Reilley, Director at CBRE in Charlotte. “These properties not only fit well within the mission-driven charter that Fannie Mae looks for in their loans, but also provides housing in these markets that are much needed.”

The Federal Housing Finance Agency (FHFA) established a 2022 multifamily volume cap of $78 billion, of which 50% must be mission-driven, focused on certain affordable and underserved market segments, and 25% affordable to residents earning 60% or less of area median income. Fannie Mae Multifamily provided liquidity for approximately 136,000 units of multifamily housing in the first quarter of 2022; almost 95% of the units potentially eligible for housing goals credit were affordable to families earning at or below 120% of area median income, providing support for both workforce and affordable housing.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at