Herzog and Diaz of CBRE Capital Markets arrange $6.16 million for refinancing of three bronx buildings

Senior vice president Max Herzog and associate Michael Diaz of CB Richard Ellis (CBRE) Capital Markets recently arranged $6.16 million in financing for 321 Bedford Park Blvd., 2969-73 Briggs Ave., and 1302-04 Rosedale Ave. The three multifamily walk-up rentals total 147 units are part of a larger portfolio and located in the borough. The financing extended to the borrower consists of $4.6 million in permanent mortgages and a $1.56 million line of credit. The non-recourse permanent financing was arranged by a local New York bank, at 5.875% fixed rate for a 7-year term with interest-only for three years followed by a 30-year amortization schedule. The line of credit was structured at rate of prime plus 0.5% and is collateralized by all three properties allowing the borrower flexibility in using these funds. "At less than 60% loan-to-value, and with strong long-term ownership, the three fully stabilized cash-flowing buildings were successfully closed with competitive financing terms fulfilling the borrower's needs," Herzog said. CB Richard Ellis Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.