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CBRE San Diego in refinancing of Phoenix apartment

SAN DIEGO -- Barry Petro of CBRE San Diego's Debt & Equity Finance Group arranged a $47.3 million loan on behalf of The Premiere Residential for the refinancing of San Cervantes apartments in Chandler, Ariz.

The Premiere Residential secured a 10-year loan through Freddie Mac with a 3.72 percent fixed rate and 70 percent loan-to-value ratio.

Built in 2001, San Cervantes is a 376-unit Class A luxury rental community located North Coronado Street adjacent to Chandler Fashion Center regional mall.

The apartment features a resort-style swimming pool with a sand beach area and poolside cabanas, spas, saunas, tennis and volleyball courts, an all-hours fitness center and a clubhouse overlooking fountains.

According to CBRE's Petro, San Cervantes is a typical example of Premiere Residential’s properties.

“The Premiere Residential specializes in luxury multifamily communities and San Cervantes is easily one of the top five Class A properties located in Metro Phoenix,” Petro said.

Based in San Diego, Premiere Residential owns eight multifamily properties in the Metro Phoenix area all of which are managed by Mark-Taylor Residential Inc.

The Premiere Residential has developed and managed more than 1,500 apartment units in Southern California since its inception back in 1983. The company currently operates over 750 Class A apartments in San Diego and more than 2,800 Class A units in Phoenix.

CBRE Debt & Equity Finance is an integrated group within CBRE Capital Markets and assists with the placement of debt and equity for all major property types. CBRE Capital Markets is a provider of capital solutions and investment sales for the real estate investment community worldwide.

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