CBRE Capital Markets’ Debt & Structured Finance team has arranged a $48.8 million loan for the acquisition of the Cape May at Harveston apartment community in Temecula, California, Real Estate Capital has learned.
The 10-year floating rate Fannie Mae loan provided to MIG Real Estate backs a 300-unit, Class A garden-style community which sits on a 15.3-acre landscaped campus.
“It continues to be a borrower’s market as interest rates continue to remain low and fundamentals remaining exceptionally strong,” said Scott Peterson, who secured the financing with Bill Chiles and Brian Cruz of CBRE’s San Diego office. “This represents a great opportunity for MIG to pick up such high-quality real estate.”
Built in 2006, the garden-style community includes a heated swimming pool and spa, clubhouse with kitchen, fitness studio, business center and playground. Temecula is known for its high quality public schools and safe neighborhoods. The property is also located near employment centers and shopping, including the 1.2 million sq ft Promenade Mall.
MIG Real Estate focuses, primarily on value added and opportunistic investments, is aggressively expanding as it seeks investment opportunities in hospitality, retail, office, industrial/flex and multifamily product types throughout the Western US.
Last month CBRE secured another 10-year Fannie Mae floater, that one an $82.5 million loan on Centennial Holding Company’s acquisition of Camden Summerfield, a 478-unit Class A apartment community in Landover, Maryland.