CBRE has secured a $62.1 million loan for the refinancing of a six-property multifamily portfolio located within the Sunbelt across Charleston, South Carolina, Austin, Texas and San Antonio, Texas.
Nate Sittema and Kristen Reilley with CBRE Capital Markets’ Debt & Structured Finance group arranged the 10-year, full-term, interest-only Fannie Mae loans on behalf of Churchill Forge Properties, a Boston-based firm.
The 1,632-unit portfolio consists of:
- Deer Run at 8755 Jenny Lind St., Charleston
- Middleton Cove at 2274 Ashley River Road, Charleston
- Canyon Point at 16550 Henderson Pass, San Antonio
- Oak Springs at 3919 Perrin Central Boulevard, San Antonio
- Deer Oaks at 7230 Wurzbach Road, San Antonio
- Churchill Crossing at 14100 Thermal Drive, Austin
“After owning these properties within their portfolio for over 25 years, Churchill Forge chose an early portfolio refinance of these assets to take advantage of the current low interest rate environment,” said Kristen Reilley, Director at CBRE in Charlotte. “These properties not only fit well within the mission-driven charter that Fannie Mae looks for in their loans, but also provides housing in these markets that are much needed.”
The Federal Housing Finance Agency (FHFA) established a 2022 multifamily volume cap of $78 billion, of which 50% must be mission-driven, focused on certain affordable and underserved market segments, and 25% affordable to residents earning 60% or less of area median income. Fannie Mae Multifamily provided liquidity for approximately 136,000 units of multifamily housing in Q1 of 2022; almost 95% of the units potentially eligible for housing goals credit were affordable to families earning at or below 120% of area median income, providing support for both workforce and affordable housing.
