Waypoint Lands $216M Refi for Florida Portfolio
Benefit Street Partners originated a bridge financing package for five communities.
Waypoint Residential has secured a $215.8 million refinancing package for a five-property multifamily portfolio totaling 1,274 units across Florida.
Benefit Street Partners provided the bridge loan, which serves as construction takeout debt for the recently completed communities. Newmark arranged the deal.
The communities are in five Florida markets, including Greater Orlando, North Central Florida, the Treasure Coast and the Space Coast, with three properties located along the Atlantic Coast.
Completed in 2024, all communities are luxury garden-style assets with one- to three-bedroom floorplans. The refinancing will provide additional time for stabilization and lease-up, while also allowing the owner to maintain flexibility regarding its longer-term capital strategy.
The five communities are:
- Aspire Vero Beach, totaling 175 units in Vero Beach, Fla.
- Mason Veranda, totaling 300 units in Port St. Lucie, Fla.
- The Pointe at Palm Bay, a 252-unit property in Palm Bay, Fla.
- The Bradley Lake Wilson, a 312-unit community in Davenport, Fla.
- The Marlow Gainesville, totaling 235 units in Gainesville, Fla.
READ ALSO: A Closer Look at the Multifamily Maturity Wall and Refinancing Crisis
Aspire Vero Beach is a five-building property at 7580 Heron Circle, close to Vero Beach Regional Airport. Located at 90 SE Collins Lane, Mason Veranda comprises nine buildings. The two Treasure Coast assets occupy a combined 42 acres, are 37 miles apart and provide access to Interstate 95.
The third asset is The Pointe at Palm Bay at 205 Valor Drive SE, within the Space Coast’s Palm Bay-Melbourne-Titusville metro area. It consists of six buildings on roughly 15 acres, located close to Interstate 95 and 9 miles from Melbourne Orlando International Airport.
Located at 5000 Tignes Lane within the Orlando metro area, The Bradley Lake Wilson comprises eight buildings. The property is close to Interstate 4, approximately 28 miles from downtown Orlando and 60 miles from Tampa, Fla.
The fifth community is The Marlow Gainesville at 1880 SW 43rd St. It sits on 22 acres and includes six buildings. Downtown Gainesville is 6 miles away, while Gainesville Regional Airport is 11 miles from the property.
Amenities across the five communities include resort-style swimming pools, coworking spaces, fitness centers, lounge areas, dog parks, pet spas and outdoor gathering spots.
Newmark Vice Chairman Matthew Williams and Vice President Rob Wright arranged the financing on behalf of the borrower, with support from Managing Directors James Maynard and Kyle Schlitt.
Lenders stay active across Florida
Other Florida multifamily owners and developers have secured sizable financing packages in recent months, both for existing properties and new multifamily projects. In July, Stewards Inc. landed a $79 million loan for 1818 Park, a 273-unit luxury community in Hollywood, Fla. The financing package includes senior debt originated by Värde Partners and a mezzanine loan issued by CCL Capital.
In August, Calibrex Developments and Southern Impression Homes received a $70 million construction loan for a master-planned community that will comprise 1,096 units in Ocala, Fla. The project is scheduled to come online in three phases.
