Barry Petro of CBRE San Diego’s Debt & Equity Finance Group in conjunction with Greg Steinhilber in CBRE’s Phoenix office arranged a $47.3M loan on behalf of The Premiere Residential for the refinancing of San Cervantes apartments in Chandler.

The Premiere Residential secured a 10-year loan through Freddie Mac with a 3.72% fixed rate and 70% loan-to-value ratio.

Built in 2001, San Cervantes is a 376-unit Class A luxury rental community at 400 N. Coronado St. adjacent to Chandler Fashion Center regional mall.

San Cervantes features a resort-style swimming pool with a sand beach area and poolside cabanas, spas, saunas, tennis and volleyball courts, an all-hours fitness center and a clubhouse overlooking sparkling fountains. According to CBRE’s Petro, San Cervantes is a typical example of The Premiere Residential’s properties.

 

“The Premiere Residential specializes in luxury multifamily communities and San Cervantes is easily one of the top five Class A properties located in Metro Phoenix,” Petro said.

 

Based in San Diego, The Premiere Residential owns eight multifamily properties in the Metro Phoenix area all of which are managed by Mark-Taylor Residential, Inc. The Premiere Residential has developed and managed over 1,500 apartment units in Southern California since its inception back in 1983. The company currently operates over 750 Class A apartments in San Diego and more than 2,800 Class A units in Phoenix.

 

CBRE Debt & Equity Finance is an integrated group within CBRE Capital Markets and assists with the placement of debt and equity for all major property types, including all forms of secured and unsecured debt origination, loan servicing and note sales. CBRE Capital Markets is the leading global provider of capital solutions and investment sales for the real estate investment community worldwide.