At a glance
- Walker & Dunlop Capital Markets Institutional Advisory was sole adviser on the financing.
- The financing works out to roughly $122,000 a unit across the 960-unit portfolio.
- With no scheduled amortization, repayment rests on a sale or a refinancing at maturity rather than on principal paydown.
Benefit Street Partners provided $117.3 million to refinance three Class A apartment communities totaling 960 units across the Austin and Dallas-Fort Worth metros, Connect CRE reported.
Walker & Dunlop Capital Markets Institutional Advisory was sole adviser on the financing. The loans carry floating-rate, interest-only terms. Jordan Casella, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Christopher de Raet and Nicholas Gilhooley arranged the loans. Greystar manages all three properties.
The financing works out to roughly $122,000 a unit across the 960-unit portfolio.
With no scheduled amortization, repayment rests on a sale or a refinancing at maturity rather than on principal paydown. That puts the coupon and any extension options at the center of the underwriting for allocators pricing credit exposure.
Lender pricing has held through a volatile rate stretch. As Private Wealth Daily previously reported, Walker & Dunlop's Mikkelsen said 65% of 120 deals since May needed no repricing, with Treasury yields above 5% affecting lender and buyer valuations.
Reported by the Real estate debt desk from Connect CRE and Private Wealth Daily archive: Walker & Dunlop's Mikkelsen on repricing. Published . Corrections