San Francisco – February 9, 2016 – CBRE Capital Markets’ Debt & Structured Finance team provided $12 million for the refinance of Crystal Creek Apartments, a 206-unit, garden-style community located at 2600 N.E. Minnehaha Street in Vancouver, Washington.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office arranged the 10-year, full-term interest-only loan on behalf of Ellinwood Associates. The loan was provided by the life insurance company, John Hancock.
Mr. Weber stated, “John Hancock was able to provide extremely attractive loan terms to the borrower and maintain those terms until closing, even with the market volatility we are currently experiencing.”
Built in 1991, interior amenities include patios, direct access garages, wood-burning fireplaces and in-unit washers and dryers. Community features include a pool, spa, sauna and a 24-hour fitness center. The property is well-positioned, located one mile east of Interstate-5, three miles from downtown Vancouver, 12 miles from downtown Portland, and 13 miles from Portland International Airport. It is also located near many parks and hiking, running, and cycling trails just north of the Columbia River.
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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 (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.