Press Release brought to you by CBRE/New England

CBRE/New England Multi-Housing Debt & Equity Team Finances $60 Million Acquisition of Cliffside Commons

01/07/2014

Tuesday, January 7, 2014

 

 

CBRE/New England Contact:

Taidgh McClory

Tel: 617.912.7085

taidgh.mcclory@cbre-ne.com

 

 

 

CBRE/New England Multi-Housing Debt & Equity Team Finances $60 Million Acquisition of Cliffside Commons

BOSTON (Jan. 7, 2014) — CBRE/New England’s Capital Markets team today announced today that they secured a Fannie Mae loan of $36 million for the financing of the acquisition of Cliffside Commons, a 295-unit mid-rise community located in Malden, MA.  The community was constructed in 2000 with an average unit size of 892 square feet. Cliffside Commons consists of eight studio, 142 one-bedroom/one-bathroom, 135 two-bedroom/two-bathroom, and 10 three-bedroom/two-bathroom units in five stories. There are 443 parking spaces (1.5 spaces per unit) at the property. The buyer purchased the asset for $60,000,000 ($203,390 per unit).

 

CBRE/NE’s Vice President of Multi-housing Debt & Structured Finance, John Kelly, worked on behalf of the buyer in securing the financing. “It was a pleasure working with the sponsor and their team. CBRE’s National Agency Lending Platform gives our clients a streamlined approach to agency transactions. This was highlighted in this transaction by our ability to issue a Fannie Mae commitment within 21 days of receiving a signed application.”

 

“With this being our first acquisition using Fannie Mae financing, we were very pleased with the speed and overall execution by CBRE/NE on the financing of this transaction.” noted the sponsor. “We look forward to successfully adding value to this asset through our planned capital improvements.” 

 

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 firm (in terms of 2012 revenue). The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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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01/07/2014 - 10:56

Source

CBRE/New England

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