CBRE arranged $25 million in financing for 88 Hillside Apartments, a 95-unit multifamily community in Daly City, on behalf of Hines.
Mike Walker, Jesse Weber, Andrew Behrens and Brad Zampa on the CBRE Debt and Structured Financing team in San Francisco secured the five-year loan from a life company.
“We secured one of the lowest loan spreads we’ve seen in the past year on this financing. This is a tribute to the compelling real estate and relationship opportunity with Hines,” said Walker. “The property’s location, with close proximity to the Daly City BART Station, is easily accessible to top employers in both San Francisco and the inner Peninsula. With great demographics and strong market fundamentals, the property is well positioned for future rent growth.”
Built in 2011, 88 Hillside features 95 units across five buildings, totaling 109,318 square feet. The community has large one-, two- and three-bedroom floor plans ranging in size from 1,050 to 1,240 square feet. Features include modern kitchens, upscale finishes, open designs with great natural light, and amazing views.
CBRE Group, Inc., 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.
