PORTLAND, OR - CBRE has arranged $26.9 million in financing for the acquisition of The Element Communities, a premier collection of four student housing assets totaling 186 units and 383 beds in Eugene, Oregon.
Ben Roelke and Ian Walker with CBRE’s Capital Markets Debt & Structured Finance team in CBRE’s Dallas office arranged the financing on behalf of a programmatic joint venture between Cardinal Group Investments, one of the nation’s largest operators of student housing, and a private equity real estate fund managed by TPG Real Estate Partners.
The boutique communities built between 2010 and 2012 provide exceptional access to amenities and are located within walking distance to the University of Oregon campus, along with shopping, restaurant, and entertainment options in Downtown Eugene.
The seven-year term advance is an addition to the borrower’s existing structured credit facility with CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program and CBRE Multifamily Capital Inc. With a 2.61% floating rate and 7-year term, the financing features full-term, interest-only payments and a flexible prepayment structure.
“The strong demand for student housing in the Eugene multifamily market and pedestrian location of these assets near the University of Oregon was very attractive to lenders,” said Mr. Roelke. “These attributes, combined with the borrower’s strong credit facility relationship, produced attractive financing terms for a well-positioned portfolio.”
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com