CBRE’s Multifamily Debt & Structured Finance team has arranged $47.5 million in bridge financing for the refinance of Mi-Place @ Downingtown in Downingtown, Pennsylvania.
This is the second transaction that Klauer and Russell have secured for Fernmoor Homes. The three-year bridge loan, provided by an entity managed by Argentic Investment Management LLC (“Argentic”), will be used to refinance Fernmoor’s latest multifamily development comprised of 205 units across six, three-story buildings and 69 townhomes. The property serves as Phase I of Mi-Place @ Downingtown, which, upon completion, will feature a 400-unit multifamily community, a clubhouse, pool, fitness center, pickleball court, basketball court, fire pits, BBQs, and other amenities.
“Mi-Place @ Downingtown delivers high-quality, thoughtfully designed multifamily units into a growing suburb with convenient connectivity to Philadelphia,” said Russell of CBRE. “Matthew and I are thrilled to continue supporting Fernmoor’s growth and look forward to additional successful collaborations in the future,” she added.
Loren Berger of Argentic stated, “We are excited to work again with CBRE and expand our relationship with Fernmoor. The company’s Mi-Place product brings the highest quality to each community it enters.”
Fernmoor’s President, Jeffrey Fernbach shared his enthusiasm for this financing opportunity saying, “I thank both CBRE and Argentic for their efforts to close this deal quickly and efficiently.”
With more than 30 years of experience, Fernmoor is a family-owned firm with a team of seasoned professionals specializing in rental and for-sale homes. Fernmoor provides innovative living choices across New Jersey, Pennsylvania, and Delaware, from single-family homes, townhomes and condominiums to active-adult communities and luxury rentals. The firm has received awards from the Shore Builders’ League of New Jersey, the New Jersey Builders Association, the Home Builders Association of Delaware and the National Association of Home Builders.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
