CBRE Group, Inc., through its FHA Lending Group, (which operates as CBRE HMF, Inc.), announced today the successful refinancing of the Clarendon Park Apartments, a market-rate apartment project located in Phoenix. The loan was funded through CBRE’s FHA-insured permanent loan program providing a fixed rate, 35-year, fully-amortizing loan.
Clarendon Park Apartments is a 138-unit apartment community with a mix of studio, one- and two-bedroom floor plans. The property is situated in central Phoenix within close proximity to the new Phoenix light rail, which provides access to Downtown Phoenix, Phoenix Sky Harbor Airport and Arizona State University’s main campus. The 2.9 acre site has been improved with six 2-3 story buildings constructed in 2002.
The project is sponsored by 2506 W Dunlap, LLC which is comprised of a group of seasoned real estate investors within the Phoenix area. A key principal, Howard Berger, has been involved in numerous multifamily real estate transactions in the Phoenix area over the past two decades.
The financing of Clarendon Park Apartments was originated by Bruce Francis, Vice Chairman, and Dana Summers, Vice President, of CBRE’s Debt and Equity office in Phoenix. The pair partnered with Mary McDonald, First Vice President, of CBRE’s FHA Lending Group, in the San Francisco office.
Stephanie McFadden, Managing Director of the CBRE FHA Lending Group, a direct FHA lender offering the full array of FHA-insured multifamily mortgage programs, said, “Our lending group worked very closely with HUD to bring this excellent property to the FHA-insured portfolio. The Borrowers recognized this as a strategic time to lock favorable rates for a 35-year term without balloon payment deadlines and they are using this opportunity to add refinancing flexibility to their portfolios.”