Colorado Springs, CO – October 6, 2011 – (RealEstateRama) — Led by the Miami Capital Markets team in partnership with the Denver office, CBRE arranged the $14,950,000 loan for the acquisition of Cheyenne Crossing Apartments in Colorado Springs. Financed at an 80% loan-to-value ratio, terms of the loan include a 10-year term with five years interest-only. The property was purchased by Advenir@Cheyenne LLC, a Florida-based capital group for $19,150,000.
Located at 610 Wycliffe Drive, the community totals 220 units housed in 18 two-story buildings. The property was built in 1986 and boasts a full amenities package including a clubhouse, business center, fitness center, outdoor pool, and detached garages.
Charles J. Foschini, vice chairman of CBRE’s Debt & Equity Finance and Institutional Group and team members, Christian R. Lee and Christopher Apone located in CBRE’s Miami office, along with Eric Tupler, and Josh Simon in CBRE’s Debt & Equity Finance located in CBRE’s Denver office, arranged the financing through Freddie Mac on behalf of Advenir@Cheyenne LLC.
CBRE Capital Markets is consistently among the top three Freddie Mac seller/servicers each year and was number one in 2010.
About Advenir
Founded in 1996, Advenir is a premier provider of multi-family real estate investment and management services. Advenir, Inc. and its subsidiary Advenir Real Estate Management, Inc. own and manage a total real estate portfolio valued at over $350 million.
About CBRE Group, Inc.
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 2010 revenue). The Company has approximately 31,000 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. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
813.273.8482
lauren.crawford (at) cbre (dot) com
