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Monday, May 18, 2009

Stonebrook Apartment Homes $14 Mil financing

ORLANDO - CB Richard Ellis just announced that Dennis Jimenez, V.P. with CB Richard Ellis Capital Markets Group, has arranged financing. The amount of $14,050,000 on behalf of a venture between Canadian and Florida-based investors for the acquisition of Stonebrook Apartment Homes, in Sanford. Sanford is just north of Orlando.
Great terms for the financing included a 10-year loan with 30-year amortization, a fixed-rate of 5.62% and a loan to purchase price of 78%.
Stonebrook Apartment Homes is a 356-unit garden-style apartment community constructed in two phases in 1991 and 2001, with a net rentable area of 352,200sf.
"NNN Commercial Real Estate"
"NNN Corners of Palm Beach"

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