Fort Lauderdale, FL
CBRE Secures Refinancing for Short-Term Rental Properties in South Florida
October 24, 2022
Media Contact
Corp Communications Manager
CBRE has secured $6.2 million in refinancing for two multifamily properties in Pompano, Fla.
Edward Petti and Chandler Kaye with CBRE Capital Markets worked on behalf of the borrower to arrange a 10-year loan from a local bank with one year of interest only.
“Short-term rental properties are growing in popularity and becoming a recognized asset class among investors in South Florida. Our team has been able to successfully identify capital sources as lenders become more comfortable with this evolving property type and investor profile,” said CBRE Senior Vice President Edward Petti.
Surf N' Sand is located at 601 N. Ocean Blvd. in Pompano, Fla. The 14-unit property was built in 1967.
Riverside Resort is located at 116 Riverside Dr. in Pompano, Fla. The 22-unit property was built in 1970 and renovated in 2019.
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 2024 revenue). The company has more than 140,000 employees (including 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 www.cbre.com.