Advenir has secured $16,274,000 in refinancing for the Lyme Stone Ranch Apartments in New Smyrna Beach on Florida’s east coast. Built in 2004, the 216-unit high end residential community sits on a 20-acre site. Working through Freddie Mac, CBRE’s Miami office arranged the 10 year fixed-rate loan (which has an interest-only period) on a 80% loan to value basis.
“This Freddie Mac loan replaced a HUD loan we originated for the borrower over a decade ago,” said Foschini, CBRE Vice Chairman. “It’s a great feeling to continue to provide top of the market services to a client cycle after cycle.”
