CBRE Capital Markets’ Wholesale Lending team announced that it has provided $19 million in funding under the Freddie Mac Small Balance Loan Program for 10-loan multifamily portfolio totaling. The portfolio consists of 458 units across 12 properties in Atlanta, Georgia.

Jeffrey Pirhalla, vice president, Wholesale Lending, CBRE Capital Markets, refinanced the properties with 20-year hybrid ARM loans, featuring a 10-year fixed-rate period followed by 10 years with an adjustable rate.

“This loan structure allowed the borrower to refinance into long-term fixed-rate loans at a very attractive interest rate,” said Mr. Pirhalla. “It also provided the borrower with cash-out proceeds and three years of interest-only payments, which significantly increased cash flows across the portfolio.”

The properties included in the portfolio met the requirements for the Freddie Mac Small Balance Loan Program, which supplies financing ranging from $1 million to $6 million to qualified multifamily borrowers.

Of the deal, Freddie Mac producer Steven Malloy said, “The properties were located across three Atlanta submarkets and contributed to Freddie's mission to provide financing for quality and affordable workforce housing. CBRE and Freddie Mac came together to secure the portfolio on a tight timeframe for an experienced sponsor.”

Kelly Martone of Bellwether Enterprise brought the deal to CBRE on behalf of the borrower, Nelkin Real Estate.

“We chose CBRE Wholesale Lending because of its exclusive platform for mortgage bankers and because of its reputation for transparency, speed and certainty of execution,” said Ms. Martone. “CBRE’s Freddie Mac Small Balance Loan Program provided a non-recourse loan structure with flexible prepayment options, low closing costs, and great leverage, all with a very competitive interest rate. We were able to lock into a low rate prior to the post-election rate increases and close in just 52 days from application.”

CBRE Wholesale Lending, a unit under CBRE Capital Markets’ Debt & Structured Finance practice, is a wholesale-only group designed specifically for mortgage brokers and bankers. CBRE is the #1 Freddie Mac Seller/Servicer by volume and offers highly competitive rates, low closing costs and a streamlined closing process. Since joining the Freddie Mac Small Loan Balance program in April 2015, CBRE has closed more than $1 billion in small multifamily loans.

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.