Citigroup Refinances Houston Apartments With $78M CMBS loan
By Andrew Coen December 2, 2024 9:57 am
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Multifamily investor Verde Communities has nabbed $78 million of commercial mortgage-backed securities (CMBS) debt to refinance a portfolio of multifamily properties in Houston, Commercial Observer has learned.
Citigroup (C) originated the five-year interest-only loan in a deal arranged by Ackman-Ziff. The CMBS financing retires a previous bridge loan used for capital improvements to the portfolio and provides new liquidity to the sponsor.
Ackman-Ziff facilitated the transaction with a team led by Jordan Brustein and Firas Turkmani, director.
The portfolio includes more than 2,000 workforce housing apartments in 100 buildings across seven Houston properties, according to Verde.
Officials from Chicago-based Verde said in a statement that the loan arrives “at a time of real property financing market fluctuations.”
Representatives at Citi and Ackman-Ziff did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
