CBRE Secures Refi for Duke City Apartment Community

By Anca Gagiuc, Associate Editor

Prairie Hills, Albuquerque, N.M.

Albuquerque, N.M.—CBRE Capital Markets’ Debt & Structured Finance team recently secured a $15.5 million loan for the refinancing of Prairie Hills Apartments, a 260-unit apartment community in Duke City.

Andrew Behrens and Jesse Weber of CBRE’s San Francisco office arranged the seven-year variable-rate loan on behalf of Prime Residential. The financing was provided by Freddie Mac.

“Choosing the Freddie Mac seven-year floating-rate product allowed Prime Residential to refinance the existing debt at a very attractive coupon rate which will provide a strong cash flow stream with the maximum amount of flexibility during the loan term,” Behrens said in a prepared statement.

Prairie Hills was built in 1985 as a Class B community. It is located 1.3 miles north of Interstate 40, providing convenient access to major employers, retail and recreational amenities.

The residential communtiy offers one-, two- and three-bedroom units ranging in size from 720 square feet to 1,194 square feet. Community amenities feature a fitness center, indoor Jacuzzi/whirlpool, clubhouse, tennis courts, business center, dry sauna and on-site maintenance. Select units have been renovated and part of the new financing will be directed toward upgrading community features.

Image courtesy of Prairie Hills Apartments