CHARLOTTE, NC - CBRE Wholesale Lending funds $4 Million in financing for another multifamily property under the Freddie Mac Small Balance Loan Program. The 169-unit townhome style apartment property located in Phoenix, AZ was refinanced at a 61% leverage with a 10-year Fixed Rate loan.
Adam Dosskey, VP, CBRE Wholesale Lending, states, “The borrower purchased the asset in June 2014 and substantially rehabbed it. CBRE Wholesale Lending was able to underwrite its current value, as opposed to a loan-to-cost constraint, after only 14 months of ownership. The transaction was brought to CBRE Wholesale through its longstanding relationship with one of the West Coast’s preeminent mortgage banking firms.”
“This loan facilitated a substantial cash out enabling the borrower to purchase additional assets in the market. The sponsors were able to take advantage of the “soft” stepdown prepayment penalty option along with a three-year Interest-Only feature,” noted Dosskey.
About CBRE Wholesale Lending: CBRE Wholesale Lending is the newly formed wholesale-only unit designed specifically for mortgage brokers and bankers. CBRE is a Freddie Mac Small Balance Seller/Servicer offering highly competitive rates, low closing costs, and a streamlined closing process. CBRE is also the #1 Freddie Mac Program Plus Seller/Servicer. Since joining the Freddie Mac Small Loan Balance program in April 2015, CBRE has closed more than $175 million in small balance loans.