CBRE Capital Markets’ Debt & Structured Finance team has arranged $110 million for the refinance of Mustang Village Apartments, a 39-building, 506-unit student housing community located in San Luis Obispo, California.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the ten-year, full-term interest-only, fixed-rate loan on behalf of The Reliant Group. The loan was provided by Fannie Mae.
“Andrew, Jesse and their entire team did a phenomenal job on this transaction. As typical, they far exceeded our expectations in their execution and we’re absolutely thrilled with the result,” said Kevin Redford of The Reliant Group.
Mustang Village Apartments is located across the street from Cal-Poly University, providing students convenient access to the entire campus. Residents can enjoy amenities such as a state-of-the-art fitness center, business center, private park, two swimming pools, and six laundry facilities.
The property is located within walking distance to Foothill Plaza Shopping Center and Sierra Vista Regional Medical Center. It is also less than a 10-minute drive to Downtown San Luis Obispo, featuring Barnes & Noble, Banana Republic, Pottery Barn, Urban Outfitters, a movie cinema, the famous Bubblegum Alley, and a huge variety of dining venues. The property has great access to SR 1 and US-101.
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 2016 revenue). The company has more than 75,000 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.