Cushman & Wakefield Arranges $95.74 Million in Financing for 626-Unit Texas Multifamily Portfolio
Senior debt and mezzanine loan secured for Investor Sundance Bay across Grove East and Rowlett Station multifamily properties
Cushman & Wakefield announced today that the firm's Texas Equity, Debt & Structured Finance (EDSF) team arranged $95.74 million in total financing for a 626-unit, two-property multifamily portfolio on behalf of borrower Sundance Bay. The financing package consists of $76.24 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan through CCL Capital.
The portfolio includes Grove East, a 324-unit Class A garden-style community built in 2021 and located at 9300 N. Sam Houston Pkwy E. in Humble, Texas, and Rowlett Station, a 302-unit Class A mid-rise community also built in 2021 and located at 3601 Melcer Drive in Rowlett, Texas. Both properties were subject to Housing Finance Corporation (HFC) income restrictions, which added a layer of regulatory complexity to the transaction and required coordination across both the senior and mezzanine loan components simultaneously.
Chase Johnson, Managing Director, and Caleb Riebe, Senior Associate, led the EDSF team on the transaction.
