PHOENIX – February 26, 2021 – A fund sponsored by CBRE Global Investors announced that it has closed on a $31.7 million senior mortgage loan to finance the acquisition of the Cabana on Washington multifamily complex in Phoenix. The floating-rate loan has an initial term of two years and can extend up to five years.
Located at 5300 East Washington Street, the 226-unit multifamily property, which has been rebranded The Grayson on the Rail by the borrower, offers a range of studio to two-bedroom layouts. Apartment features include nine-foot ceilings, wood-style vinyl plank flooring, large low-energy windows, high-end cabinetry in the kitchen, along with stainless steel appliances and in-unit washers and dryers. Residents have access to an impressive amenity collection that includes a fitness center, a swimming pool and a co-working area.
“The property, which is a recently built Class A multifamily development, offers us a compelling loan basis and an underlying credit profile consistent with the fund’s investment themes,” said Charles Kim, Managing Director for CBRE Global Investors. “The property was delivered in May of 2020 and, despite the COVID-19 pandemic, was leased to stabilization in just eight months. We believe the product quality, coupled with its location close to the Loop-202 freeway and neighboring population centers, will enable the property to maintain high occupancy.”
5300 East Washington Street is situated just off the Loop-202 freeway, offering a 15-minute commute to downtown Phoenix and quick access to other bustling population centers, like Tempe and Scottsdale. The Phoenix Sky Harbor International Airport is a seven-minute drive from the property.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $122.7 billion in assets under management* as of December 31, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.