LYNN HAVEN AND TALLAHASSEE, FLA. — CBRE has arranged three loans totaling $99.7 million for the refinancing for three communities in Florida. Two of the properties are situated in Lynn Haven, roughly 13 miles north of Panama City Beach, Florida. The third community is located in Tallahassee. The borrower was Tallahassee-based Arbor Properties Inc.
The loans included a Fannie Mae loan for Arbor Trace Apartment Homes, a 336-unit property in Lynn Haven that was built in 2007; a Fannie Mae loan for Arbor Crossing at Buck Lake, a 208-unit community in Tallahassee that was built in 2017; and a construction loan take-out from Freddie Mac for Arbor Landing at Mill Bayou, a recently constructed 178-unit asset in Lynn Haven.
David Borge of CBRE Capital Markets’ debt and structured finance team in Orlando secured the 10-year, fixed-rate, non-recourse loans on behalf of the borrower. The loans had full-term interest-only payments, according to CBRE.