Warwick, November 09, 2018 – Colliers International Boston’s Capital Markets team recently announced that it arranged $16 million in financing for Briarwood Meadows, a 552-unit multifamily community in Warwick, RI. Spread across 36 acres, the 100 percent market rate community consists of 32 residential buildings, a fitness center, an indoor pool, an outdoor pool, tennis courts, a clubhouse and ample parking. The best-in-class community has consistently boasted near-zero vacancy while being meticulously maintained by onsite management of the owner, The Driscoll Company.
The Colliers team of Co-Chairman Kevin Phelan and Associate Sean Burke arranged the financing on behalf of The Driscoll Company. The lender, Principal Real Estate Investors, provided the low leverage, long-term fixed rate financing, allowing The Driscoll Company to refinance its existing debt while interest rates remain competitively low. The interest rate was locked in advance of closing, allowing ownership to avoid rising rates during the closing process.
“The financing provides flexibility and a competitive structure that met all of our client’s needs,” commented Kevin Phelan of Colliers. “Briarwood Meadows is an exceptional multifamily community and The Driscoll Company has done a great job operating and maintaining the asset. “We are extremely pleased with the outcome.”
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $74.5 billion in commercial real estate assets (As of September 30, 2018). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is a dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. Principal Real Estate includes the companies of Principal Real Estate Investors LLC and Principal Real Estate Europe Limited.
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