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|The $166.6M multifamily refi completed this week by CBRE's Capital Markets group in Boston has properties in five states. A year ago, some of these markets were not so mighty. Now,improving occupancies and rents make them bankable.|
|CBRE partner Paul Donahue led the team of mortgage bankers around the country that arranged the refi for a portfolio in a fund managed by Eaton Vance. In it are seven apartment communities with about 2,100 units from Boynton Beach, Fla. to Riverside, Calif. Paul sourced the debt originated through CBRE's Freddie Mac seller-servicer program. He says the team was comfortable underwriting the new 10-year, fixed-rate loans based on strong occupancy and rising rents. The deal also reflects the strength of multifamily property across the country. There's little new construction and lots of people in their 20s who want to rent. He told us that's why the major multifamily lenders— Freddie, Fannie, and insurers—are out there doing deals. BTW, excuse the product placement but we're proud to say Paul will be appearing atBisnow?s Multifamily Summit Jan. 11. Sign up today!|