SAN DIEGO, Ca. (Feb. 7, 2018) – CBRE Capital Markets’ Debt & Structured Finance team has arranged $56.9 million in financing for three apartment communities located in the Southeast and Mid-Atlantic region.
Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loans on behalf of Strata Equity Group for acquisition of the properties. The loans were funded by Freddie Mac through an expansion of an existing credit facility structured by CBRE.
“The acquisitions further expand the footprint of Strata’s holdings throughout the east coast,” said Peterson, senior vice president, Capital Markets, CBRE. “The firm continues to purchase well-located workforce housing in markets with strong fundamentals and we were excited to be a part of it.”
The following properties are included in the transaction:
- Veridian Spartanburg, 183 units, located in Spartanburg, SC
- The Racquet Club, 474 units, located in Lexington, Ky.
- Icon on the Greenway, 180 units, located in Gastonia, NC
The properties have undergone renovations during the last two years, but still offers some value-add components which the borrower plans on completing. All the properties are in good locations, near schools, major retail, transportation corridors and employment. Unit amenities vary among the properties but include granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets, vaulted ceilings and washer/dryer hookups. Property amenities include resort-style swimming pools, fitness centers, and some with a pet park and playground. The Racquet Club offers the unique features of a massage therapist on-site, restaurant and bar cyber café, expansive clubhouse and private lake and gazebo.
The Strata Equity Group, a privately held real estate investment, development and management company based in San Diego, Ca. The company was founded over thirty-five years ago in 1983 by three brothers. Strata Equity Group is comprised of two primary businesses, acquiring land for long-term entitlement and development projects, as well as acquiring/managing cash flowing real estate. Their assets consist of both multifamily and commercial properties across the United States.