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Atlanta & Southeast  + Southeast  + Finance  |  August 28, 2019
David Cohen
By: David Cohen

CBRE Secures $40M Refinancing for Charlotte MF Community

CBRE Capital Markets has secured a $39.7-million loan to refinance Arbor Steele Creek, a 384-unit apartment community in Southwest Charlotte. Built in 2003, the property consists of 16 three-story buildings and a clubhouse building. Community amenities include a swimming pool, fitness center, business center, picnic areas, pet park, playground and laundry facilities.

Nate Sittema and Kristen Reilley of CBRE secured the 10-year Freddie Mac financing on behalf of the borrowers, a joint venture between Blaze Partners and Acre Valley Real Estate Capital.

Blaze Partners, along with its previous JV partner, True North Management Group, acquired the property in 2017 and implemented a comprehensive renovation program. CBRE’s Charlotte-based Debt & Structured Finance team also secured the original acquisition financing in 2017.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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