CBRE Group Arranges $9.8M Refinancing for Indiana Apartments
The 200-unit multifamily property known as Legends of Wildcat Creek is located in Kokomo, about 60 miles north of Indianapolis.
By Adriana Pop
Kokomo, Ind.–CBRE Group has secured permanent refinancing of the existing debt on the 200-unit Legends of Wildcat Creek apartment community in Kokomo, Ind.
Legends of Wildcat Creek
Jason Brown and Dan Gable from CBRE Capital Markets’ Debt & Structured Finance team in the Central Midwest worked on behalf of the Diane L. Gunstra Trust to fund an approximately $9.8 million loan with a 10-year, fixed-rate term on a 30-year amortization schedule through CBRE’s Freddie Mac Seller/Servicer platform.
“Our client was able to lock the interest rate early in the loan process and avoid interest rate risk,” Gable, vice president of CBRE Capital Markets, said in prepared remarks. “The refinance allowed the borrower to pay off the existing Freddie Mac loan, absorb a pre-payment penalty, increase cash flow, and take some cash out while locking in a low interest rate for the next 10 years.”
The multifamily property is situated approximately 60 miles north of Indianapolis and offers a wide range of amenities, including a swimming pool, fitness center, covered parking, clubhouse, laundry facility and emergency maintenance.
CBRE’s Debt & Structured Finance team in the Central Midwest specializes in capital structuring primarily in Indiana, Michigan, Ohio and Kentucky. They originate debt and equity for all major property types including multifamily, office, industrial, retail, hospitality, condominium and technology properties.
Image courtesy of Legends of Wildcat Creek
