CBRE Tag Archives

CBRE Affordable Housing Arranges Financing of 132 Units of New Construction in Denham Springs, LA

CBRE announced the recent permanent financing for The Reserve at Juban Lakes, a 132-unit affordable housing property to be built in Denham Springs, LA. Steve Wessler, senior vice president with CBRE, and Jeanne Marie Coronado, vice president with CBRE Affordable Housing, arranged $11.6 million in permanent financing with a 16-year forward rate-locked tax-exempt loan from Freddie Mac.

Located in Livingston Parish, The Reserve at Juban Lakes is being developed by CST Land Developers LLC, a division of CST Multifamily Real Estate Services LLC, the company said. The property received a tax-exempt bond allocation from the Louisiana Housing Corporation (LHC). The LHC also provided Section 8 Project-Based Supportive Housing vouchers for the project, as well as a Community Development Block Grant. Additional financing came from the National Housing Trust Fund, and the sale of LIHTC, ensuring that all units in the property will be available to families across a range of incomes from 20 percent to 80 percent of area median income. Construction debt and LIHTC equity were provided by PNC.

“The Reserve at Juban Lakes has been a focus of our firm for the past six months after receiving a June 2020 funding award from the Louisiana Housing Corporation (LHC) for an apartment community that is specifically designed for resiliency in areas that were greatly impacted by the 2016 floods,” said Tom Delahaye, president and CEO, CST Multifamily Real Estate Services.

Leading Voices in Real Estate: Spencer Levy, CBRE on COVID-19’s Impact on Commercial Real Estate

The Leading Voices in Real Estate podcast with host Matt Slepin recently held a special episode on COVID-19’s Impact on Commercial Real Estate with  Spencer Levy, chairman, Americas Research & senior economic advisor at CBRE. Levy outlines the potential implications the pandemic has across various sectors including multifamily, retail, industrial and office and digs into the impacts on a few specialty product types like co-working, seniors housing, data centers and self-storage.

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Sarah Garland Joins CBRE Affordable Housing as Director of Affordable Housing Production

CBRE Group, Inc. announced that Sarah Garland has joined CBRE Affordable Housing as Director, Capital Markets, Affordable Housing Production.

One of the foremost industry specialists in affordable housing finance, Ms. Garland will join CBRE Affordable Housing’s Debt & Structured Finance team and will be responsible for supporting origination of affordable and workforce housing debt financing. She will be leading a company initiative to leverage CBRE’s broad originations platform with CBRE Affordable Housing’s deep expertise in the regulated multifamily finance market.

“We are very excited to have Sarah join CBRE Affordable Housing, bringing her wealth of knowledge and expertise to our team,” said Robert Sheppard, Managing Director of CBRE Affordable Housing, “Her experience and leadership will be a substantial benefit to our clients, CBRE, and our team.”

Ms. Garland joins CBRE from PNC Bank where she was responsible for affordable housing debt production, specifically focused on Fannie Mae, Freddie Mac, and FHA. Prior to PNC, she served as Fannie Mae’s National Director of Multifamily Affordable Housing, and is a former chair of the MBA FHA Committee and Vice-Chairman of the MBA Multifamily Steering Committee.

CBRE Affordable Housing is a specialty group within CBRE Group, Inc. that combines investment sales, debt and structured finance, and investment banking into a fully integrated service offering for clients in the affordable housing industry. They have closed over $16.2 billion dollars in sales and financing since 2001 and have conducted transactions in all 50 states and Puerto Rico.