Houston: CBRE Handles $111 Million Refi of Abbey Multifamily

The Enclave apartments were part of a portfolio refinanced through Freddie Mac. CBRE handled the arrangements.

In Houston, CBRE Capital Markets’ Debt & Structured Finance team has arranged $111 million in refinancing for a 1,254-unit, three-property multifamily portfolio in Houston.

The properties included in the transaction are:

• The Abbey at Barker Cypress, located at 1760 Barker Cypress Road, Houston, Texas.
• The Abbey at Enclave, located at 1910 Westmead Drive, Houston, Texas.
• The Abbey at Briargrove, located at 1202 Seagler Road, Houston, Texas.

Glenn Housman of CBRE’s Orlando office arranged the financing on behalf of the borrower, Abbey Residential, LLC, a firm led by Frank Barefield.

The loans were underwritten individually and were originated through Freddie Mac’s Capital Markets Execution program.

The loan terms included all-or-nothing pricing based on 80% loan-to-value (LTV) ratio, seven-year terms and fixed interest rates of approximately 3.75%.

Said Housman: “Freddie Mac’s Early Rate-Lock option provided the borrower an opportunity to take advantage of attractive fixed-rate financing options prior to the announcement of the government-sponsored enterprises (GSEs) volume cap issues in early April, which caused interest rate spreads to increase up to 50 basis points in some instances.”