TIAA-CREF Refinances 3,600 Units for $273M

LOS ANGELES-TIAA-CREF Global Real Estate has refinanced a portfolio of 10 stabilized class A multifamily properties comprising 3,600 units in five states for $273 million via loans that were arranged by the Capital Markets Division at CB Richard Ellis Group. The debt, which was originated through CBRE’s Freddie Mac direct lending platform, refinances properties in Denver, Atlanta, Houston, Scottsdale, AZ and Herndon, VA.

Senior vice president Brian Eisendrath of the Beverly Hills office of CBRE tells GlobeSt.com that the capital markets division secured full-term interest-only for all 10 assets. The refinancing involved 10 loans at terms that included a combination of five-, seven- and 10-year maturities. In addition, “Given the institutional ownership, CBRE was also able to eliminate the requirement for a non-recourse guaranty,” Eisendrath says.