825-Unit Multi-Family Property Near Planned Amazon HQ2 Receives Loan

CBRE has arranged a $161.5 million refinancing of Crystal House, a 17-acre, 825-unit multifamily complex located in the heart of Crystal City in Arlington, Virginia.

The CBRE team of Michael Sherman, Irene Lu, Michael Riccio, Susan Larkin and Anna Pfau arranged the seven-year floating rate refinancing through Freddie Mac on behalf of Roseland Residential Trust, a Mack-Cali Company, and an investor account advised by UBS Realty Investors LLC.

“This is among the largest multi-family refinancings to occur completely during the COVID crisis, as lenders have been highly concerned about rent collections and the impact of the resulting economic shutdown,” said Mr. Sherman. “Valuation, pricing and loan structures have been all over the spectrum. Compounding the valuation complexity was a December 2019 rezoning and site plan approval that almost doubled the existing density and significantly impacted assessed value.”

Convenient to retail, dining, transportation and employment hubs, Crystal House is five-minute walk to the Crystal City Metro station and Amazon’s planned HQ2.

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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.