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Freddie Mac Purchases $37.5 Million Loan From CBRE for California Apartments

McLean, VA – Freddie Mac (NYSE: FRE) recently purchased a $37.5 million loan from CBRE Capital Markets that helped provide financing for the borrower, Parc Pointe Investors, LLC, to refinance the Parc Pointe Apartments in Burbank.

News Facts

• The transaction benefited from the Freddie Mac Capital Markets Execution^SM (CME) pilot.

• Parc Pointe Apartments is an eight-building, 255-unit, three-story garden apartment complex.

• The apartments were built in 1989-1990 and renovated in 2003.

• The property is located in Burbank, Calif., approximately 13 miles northwest of downtown Los Angeles. It is conveniently located near the freeways 101, 5, and 134; and is within walking distance of shopping and restaurants.

Quotes

Attributed to Troy Tegeler, Executive Vice President, CBRE Capital Markets

• "This was the first CME deal for the Newport Beach office of CBRE Capital Markets. CBRE and the borrower were pleased with the smooth execution and pricing, as well as timeframes being met."

Attributed to Mitch Kiffe, vice president, Freddie Mac

• "We worked diligently to ensure a smooth transaction and exceed our customers expectations. We look forward to doing more loans for securitization with CBRE."

CME Product Information

• Through CME, Freddie Mac buys conventional mortgages backed by stabilized apartment buildings from its lender network. Depending on market conditions, Freddie Mac will either pool the loans, securitize them through a broker/dealer and sell them in the commercial mortgage-backed securities market; or securitize them and hold them in its portfolio for future sale.

• Loan size terms for the Freddie Mac CME pilot are from $5 million to $100 million (loans as low as $3.5 million will be considered in certain strong markets), and the available loan terms are 5, 7, or 10 years.

Related Links

• Parc Pointe Apartments is managed by Anchor Pacifica (features photos of the apartments and lists amenities)

• CBRE Multi-Housing Group

• Freddie Mac Multifamily news releases

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

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