ATLANTA, GA - CBRE Capital Market’s Debt & Structured Finance team has arranged $13.839 million in acquisition financing on behalf of Chaucer Creek Capital LLC for the purchase of Beaucatcher Flats. The 97-unit multifamily property is located at 128 Florence Street, less than one mile from Downtown Asheville, NC, and within walking distance to Western Carolina’s largest employer, Mission Health.
CBRE’s Charlotte-based Kristen Reilley and Nate Sittema led the capital markets efforts to secure a 10-year fixed rate Agency loan.
The acquisition occurred while the community was just completing initial lease-up and the CBRE team was able to creatively structure the acquisition with an Agency loan. The acquisition presented the buyer with the opportunity to implement a light interior upgrade program at the community and the loan allowed the buyer to attain their targeted leverage and close within the acquisition timeline.
Completed in 2017, the property is situated at one of Asheville’s highest elevation points, providing mountain views. Amenities include a heated swimming pool, a community courtyard with fireplace, pet spa, bike storage, state-of-the art fitness center. The units feature 9-ft. ceilings, fully equipped kitchens with granite countertops, and a private patio or balcony.