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For media relations, please contact:
Janine Shagoury
Managing Director, Communications
(212) 891-1831
Mitch Karig
Vice President, Communications
(212) 891-1882
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CDC Mortgage Capital Provides $158,000,000 to Refinance Fifteen Group Apartment Portfolio
NEW YORK, July 21, 2004 – CDC Mortgage Capital Inc. provided a $158,000,000 floating-rate, five-year loan to several partnerships controlled by Miami-based Fifteen Group to recapitalize thirteen multifamily properties comprising 5,333 apartment units. The properties are located in six states with concentration in Los Angeles, California and Birmingham, Alabama. The portfolio has been undergoing a $13,000,000 capital improvement program which the loan proceeds will help to complete. The loan is also structured to facilitate the possible sale of some of the assets. The financing was arranged by the Los Angeles office of Holliday Fenoglio Fowler, L.P.
Fifteen Group is an opportunity-driven, full-service real estate organization that currently owns and operates over 13,000 apartment units across nine states.
CDC Mortgage Capital, the U.S. commercial real estate financing unit of CDC IXIS of Paris, France, provides fixed- and floating-rate mortgage debt and various forms of mezzanine financing for commercial real estate transactions in excess of $5 million.
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