CBRE has arranged a $42m Freddie Mac loan to refinance the Madison Belmont, a 198-unit garden-style apartment complex owned by California-based Prime Group.
The 10-year permanent financing loan takes out a previous $23m Fannie Mae loan secured in November 2009. The Prime Group acquired the property in October 2009 for about $29m.
“Our client was able to take advantage of a very favorable financing market prior to the rise in treasury yields and investor spreads that will further enhance the desirability of this asset,” said CBRE’s Andrew Behrens, who arranged the deal with Jesse Weber out of the firm’s San Francisco offices.
The 176,200 sq ft, 198-unit apartment community at 649 Old Country Road in Belmont, California is made up of eight three-story buildings, with amenities including two swimming pools, fitness center, sauna and a children’s play area along with a private patio veranda.
Prime Group owns and manages over $4bn in real estate assets, with a focus on garden-style apartment communities. The developer has acquired about 42 apartment properties in the last decade or so. The latest purchase being the Courtyard at Cedar Hills in Beaverton, Oregon, which it the company acquired for $11.2m in May of this year then sold in July for $20m.
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