CBRE Capital Markets’ Debt & Structured Finance arranges $19 million in acquisition financing for Chase Crossing
PORTLAND, OR – March 6, 2018 – CBRE announces the sale of Chase Crossing, a 179-unit LEED Platinum-certified, student-oriented community located near the University of Oregon in Eugene. Horizon Realty Advisors purchased the asset from Chase Crossing LLC for an undisclosed price.
Built in 2012, Chase Crossing is comprised of studio and one-bedroom units and provides residents with new finishes and modern amenities. Located in the “arena district” in Eugene and on the University’s bus route, the property is an appealing option for both student and conventional renters.
Phil Oester, Joe Nydahl and Josh McDonald with CBRE in Portland represented the seller in the transaction.
“The Eugene multifamily market is very tight at 97.7 percent occupancy and the student market is even stronger with properties leasing up quickly for the 2018-2019 school year,” said Mr. Oester.
Benjamin Roelke with CBRE Capital Markets’ Debt & Structured Finance team in CBRE’s Dallas office arranged the $19.1 million long-term financing on behalf of Horizon Realty Advisors for its HRA Opportunity Fund. The 10-year, fixed rate loan provided by CBRE through Freddie Mac featured an index rate lock at loan application and five years of interest-only payments.
“The unique mix of conventional and student residents at this asset provided a level of diversification that was attractive to lenders,” said Mr. Roelke. “That attribute combined with a very competitive capital markets environment produced attractive financing terms for a well-positioned property that would be operated by an experienced student housing owner.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.