Matthews Capital Market (MCM), the financing division of Matthews Real Estate Investment Services based in Nashville, has arranged $116 million in refinancing for three multifamily properties located in Fresno. The loans were led by Geoffrey Arrobio, MCM First Vice President.
The refinancing consists of three separate non-recourse loans with five years of interest-only payments. The borrower obtained fixed-rate debt in the low 6% range and received cash-out proceeds. The portfolio includes a 248-unit townhome community, a 476-unit multifamily complex, and a 418-unit property, all situated in Fresno. The specific names of the properties were not disclosed.
Geoffrey Arrobio stated, “We tailored a refinancing structure that allowed the client to pay off an existing past due note on one of the assets, in addition to providing the client with additional equity for other value add acquisitions.” He described the transaction as a collaborative effort and noted its success.
Arrobio also mentioned that this deal represents MCM’s largest transaction since its founding three years ago. He attributed lender confidence in part to Fresno’s economic and population growth.
