Press Release brought to you by CBRE/New England

CBRE/NE Multi-Housing Debt & Structured Finance Arranges $6.2M FHA 223(f) Refinance of 114-Unit Multifamily Property

07/17/2014

Thursday, July 17, 2014

 

 

CBRE/New England Contact:

Kara DeMichele

Tel: 617.912.7038

kara.demichele@cbre-ne.com

 

 

 

CBRE/NE Multi-Housing Debt & Structured Finance Arranges $6.2M FHA 223(f) Refinance of 114-Unit Multifamily Property

Affordable community refinanced in Brockton, MA

 

BOSTON (July 17, 2014) — CBRE/New England’s Capital Markets team announces the successful completion of a $6.2 million refinance of Pine Homes, a 114-unit affordable housing community located at 469 Pine Grove Drive in Brockton, Massachusetts. CBRE/NE arranged a loan that was funded through HUD’s Section 223(f) program, providing a 35-year, fully amortizing loan structure.

 

CBRE/NE’s First Vice President of Multi-Housing Debt & Structured Finance, John Kelly, worked on behalf of borrower Pine Homes Limited Partnership, an affiliate of Beacon Communities, to obtain the financing for Pine Homes.

 

“We are pleased to have worked on this transaction on behalf of Beacon Communities,” said CBRE/NE’s Kelly. “The FHA program allows Beacon Communities to execute on their long-term hold strategy by providing a 35-year self-amortizing loan at what continues to be a historically low interest rate environment.”

 

“Through the refinancing, we are reinvesting in the property and we are now well positioned for the future,” added Mark Epker, President of Beacon Communities. “We look forward to continuing our long-term ownership and management of what has historically been a great community. CBRE/NE’s direct agency platform provided a smooth processing of the transaction that had many moving parts.”

 

Pine Homes is a part of a 46-building, 402-unit, rental community in Brockton, Massachusetts. Pine Homes consists of 14 three-story residential buildings with 114 two- and three-bedroom units. Common amenities include an on-site property management office, community space, resident services, pool, computer room, basketball court and on-site daycare center. The property was built in 1972 and was most recently renovated as of 1998.

 

 

 

About CBRE/New England

CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

 

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07/17/2014 - 11:41

Source

CBRE/New England

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