Fully Leased 365-Unit Multi-Family Property Receives Fast-Tracked Loan

CBRE has arranged a $63 million refinancing of 145 Front at City Square, a 365-unit multi-family property which is part of a 12-acre master-planned, mixed-use development that has transformed the heart of Worcester, MA. The loan was arranged though MUFG Union Bank, part of Mitsubishi UFJ Financial Group, Inc. on behalf of the owner Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation (NYSE: CLI).

The CBRE team of Michael Sherman and Irene Lu arranged the construction loan takeout in 20 days to meet the borrower’s requirements. In addition, Union Bank offered terms which were of great interest to the borrower.

“The property had just finished lease up, but was not yet economically stabilized, and the client had specific transaction requirements that CBRE and Union Bank were able to arrange in a very tight timeframe,” said Mr. Sherman, a Senior Vice President in CBRE’s New York City office. “This floating rate, long-term loan provided the stability and flexibility desired by the owner.”

The Front at City Square mixed-use development has become the hub that connects many of the city's most prominent destinations. The property is comprised of 365 Class A multifamily units offering studio, one-bedroom and two-bedroom floorplans, 10,000 SF of residential amenity areas, 402 parking spaces and approximately 10,405 SF of street-level retail.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.