CBRE has secured a $25.54 million loan to refinance Aery, a 147-unit, multifamily community in Hermantown, Minnesota.
CBRE’s Billy Mork, Mike Vannelli and Joel Torborg of CBRE Capital Markets’ Debt and Structured Finance team in Minneapolis secured the permanent, fixed-rate, Fannie Mae loan on behalf of the owner, P&R Companies, a locally based multifamily development and management firm serving Minnesota and Wisconsin’s North Shore region.
“We worked closely with the borrower to update underwriting monthly as new financials came in, and once the proceeds level aligned with the borrower’s goals, we locked the rate and ultimately closed well above the initial proceeds that were driven by improved underwriting and favorable movement in treasuries,” said Mork. “P&R Companies is a deeply involved and hands-on operator, managing each asset in their portfolio with outstanding precision and care.”
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 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves clients through four business segments: Advisory (leasing, sales, debt origination, mortgage servicing, valuations); Building Operations & Experience (facilities management, property management, flex space & experience); Project Management (program management, project management, cost consulting); Real Estate Investments (investment management, development).
