Blackstone Unit Preserves Florida Affordable Portfolio in $370M Deal
The transaction included 24 separate regulatory agreements.
April Housing, a Blackstone portfolio company and one of the nation’s largest owners and preservers of affordable housing, has secured a $369 million credit facility to support the long-term preservation of an 11-property housing portfolio in Florida.
Newmark arranged the financing, which consisted of a $221.4 million fixed-rate draw and a $147.6 million floating-rate loan structured as an interest-only facility through Fannie Mae. Further details on transaction terms and the locations of the affordable housing assets in Florida were not disclosed.
Evan Williams, Newmark vice chairman and head of Affordable Housing Debt & Structured Finance, led the team. He was supported by Senior Managing Director Ian McIntire, Director Seante Vang and Analyst Nicole Phillips.
Williams described the complex transactions in prepared comments, noting the deal required review and analysis of 24 separate regulatory agreements across 11 properties on a tight turnaround from application to closing. A buydown on the fixed-rate portion of the facility also helped maximize proceeds, according to Newmark.
Blackstone Real Estate Income Trust formed April Housing in February 2022 to provide solutions and capital to create and preserve affordable housing, including assets within its own portfolio.
More Florida financing deals
The latest Florida affordable housing transaction comes just weeks after April Housing refinanced a 13-property Florida portfolio with a $366.1 million credit facility from Fannie Mae. That portfolio includes garden-style apartment communities in Miami, Jacksonville and Tampa.
Senior Managing Director Tim Leonhard of Berkadia Affordable Housing platform arranged the transaction. The deal closed Sept. 9 and was reported earlier this month.
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Earlier this month, April Housing extended the affordability of Palm Park Apartment Homes, a seven-building, 160-unit community in Boynton, Beach, Fla., for at least 30 more years through a re-syndication process in partnership with the Housing Finance Authority of Palm Beach County. The affordability extension also commits more than $17 million to renovations at the 12575 Green Cay Farm Blvd. property. Plans call for upgrades to apartments, including new flooring, painting and the installation of stainless-steel appliances.
April Housing has completed the preservation of more than 3,650 affordable units across the U.S. since 2024, including more than 700 in Florida in the past year. The company operates nearly 13,000 affordable units across 14 Florida counties.
