The Real Deal Miami

CBRE arranges $16.27 million refinancing for rentals

Freddie Mac provided a 10-year fixed-rate loan for the New Smyrna Beach apartment complex
January 02, 2016 09:00AM

The Lyme Stone Ranch Apartments in New Smyrna Beach

Lyme Stone Ranch Apartments in New Smyrna Beach

Commercial real estate brokerage CBRE arranged a $16.27 million loan to refinance of a 216-unit residential apartment complex in New Smyrna Beach.

Charles Foschini and Christopher Apone of CBRE’s Miami office arranged the financing on behalf Advenir, LLC, the owner of the Lyme Stone Ranch Apartments.

Freddie Mac provided the 10-year fixed-rate loan with an 80 percent loan-to-value ratio.

The Freddie Mac loan replaced a HUD loan that CBRE originated for the borrower more than a decade ago.

Built in 2004, the Lyme Stone Ranch Apartments spans 20 acres. The property at 10101 Lymestone Court in New Smyrna Beach has a mix of one-, two- and three-bedroom upscale apartments.

Among the amenities are a clubhouse overlooking a sun deck, a swimming pool, business center, 24-hour fitness center, car care area, and detached carports and garages.