Cal State Student Housing Refinanced for $23.7 Million

DALLAS — Permanent debt financing provided through CBRE Multifamily.

DALLAS — CBRE has arranged $23.7 million financing for The Element, a 288-unit, 792-bed student housing community in Sacramento, Calif.

The permanent debt financing was provided through CBRE Multifamily Capital Inc., a Fannie Mae DUS lender, and carried a 10-year term with 30 years of amortization. The asset was 98 percent occupied at the time of the closing.

Benjamin Roelke, a vice president with CBRE’s Debt & Equity Finance group in Dallas represented the borrower, Henderson Sacramento LLC, in the transaction. The Element was built in 2004 is approximately one mile from Cal State.