CBRE Provides $25M Refinancing for 264-Unit Fort Worth Community

Westpoint at Scenic Vista received a $25.1 million refinance loan provided by CBRE Group.

DallasCBRE Group recently announced through its FHA lending platform the $25.1 million refinance of a 264-unit multifamily community located in Fort Worth, Texas. The loan was funded through HUD’s Section 223(f), providing a 35-year, fully-amortizing, fixed rate and non-recourse loan structure. Chad Ricks, senior vice president, originated the financing of Westpoint at Scenic Vista.

Westpoint at Scenic Vista

Westpoint at Scenic Vista

Located at 1200 Scenic Vista Drive, Westpoint at Scenic Vista features 132 one-bedroom units and 132 two-bedroom units constructed in 2008. Community amenities include controlled access, a business center, clubhouse, swimming pool and 610 parking spaces. According to Yardi Matrix, unit sizes range between 1,017 square feet and 1,332 square feet and monthly rents range between $925 and $1,205.

“Chad Ricks and CBRE did a great job in closing our HUD refinance. It is a complicated loan process and Chad and the CBRE team were very knowledgeable and responsive from our first contact to the loan’s closing. This 35-year fixed rate loan will add long term stability to our family’s multifamily asset,” Robert Corry of Westpointe Apartments LLC, said in prepared remarks.

Image courtesy of Yardi Matrix