CBRE Refinances Three Houston Apartment Assets

By Liviu Oltean, Associate Editor

Abbey at Barker Cypress

CBRE Capital Markets’ Debt & Structured Finance team has kept busy in Houston having recently arranged $111 million in refinancing for a 1,254-unit multifamily portfolio. The team acted on behalf of Abbey Residential LLC, whose portfolio included three Houston-area communities:

• The 300-unit Abbey at Barker Cypress located at 1760 Barker Cypress Rd.
• The 720-unit Abbey at Enclave located at 1910 Westmead Drive.
• The 234-unit Abbey at Briargrove Park located at 1202 Seagler Rd.

Led by Glenn Housman of CBRE’s Orlando office, the team underwrote three separate loans, one for each building in the portfolio. The loans were originated through Freddie Mac’s Capital Markets Execution program and come with a seven-year maturity date and fixed interest rates.

“Freddie Mac’s Early Rate-Lock option provided the borrower an opportunity to take advantage of attractive fixed-rate financing options prior to the announcement of the government-sponsored enterprises (GSEs) volume cap issues in early April, which caused interest rate spreads to increase up to 50 basis points in some instances,” Glenn Housman, senior vice president of CBRE Capital Markets, said in a statement.

Image Courtesy of YardiMatrix