At a glance
- The debt replaces construction financing on the portfolio and is expected to create "meaningful proceeds to our investors," said Dan Sell, Continental's vice president of finance.
- For investors in Continental Properties Development Fund II, the refinancing shifts ten properties from construction debt into one $480 million facility at about $178,000 per apartment.
- The ten properties are in Florida, Georgia, Illinois, Indiana, Iowa, Michigan and Tennessee.
Continental Properties has obtained $480 million from New York Life Investment Management to refinance a 10-property apartment portfolio of more than 2,700 units across seven states, Commercial Observer first reported.
The debt replaces construction financing on the portfolio and is expected to create "meaningful proceeds to our investors," said Dan Sell, Continental's vice president of finance. Walker & Dunlop's Jim Cope arranged the financing.
For investors in Continental Properties Development Fund II, the refinancing shifts ten properties from construction debt into one $480 million facility at about $178,000 per apartment. The properties move into the fund, which holds 23 communities and more than 5,700 apartments.
The ten properties are in Florida, Georgia, Illinois, Indiana, Iowa, Michigan and Tennessee. Sell said the package would let Continental "strengthen our balance sheet and stay focused on delivering and operating quality, attainable housing across our growing markets."
Walker & Dunlop also arranged a $117.3 million floating-rate, interest-only loan for Benefit Street Partners on 960 Class A apartments in the Austin and Dallas-Fort Worth metros, as Private Wealth Daily previously reported.
Reported by the Real estate debt desk from Commercial Observer. Published . Corrections