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.
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.”
Represenatives at Citi and Ackman-Ziff did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
