Buckingham Cos. Lands $110M Refi for 2 Communities
Walker & Dunlop arranged the bridge loans.
Buckingham Cos. has obtained $110 million in refinancing for two communities: the 353-unit Plat 10 at the Ranch in Loveland, Colo., and the 240-unit Plat 4 at Research Triangle in Durham, N.C. Walker & Dunlop arranged the two notes.
ACRE provided the floating rate, interest-only bridge loans to refinance the existing construction funds. Plat 10 was backed by a $61.7 million construction loan originated by Bank OZK in 2022, while construction of Plat 4 was funded by a $36.1 million loan from Stifel Bank and Trust from 2021, Yardi Matrix information shows.
Plat 4 at Research Triangle came online last year and sits on 22 acres at 5510 Primary Drive. The property is close to Interstate 540 and 4 miles from Raleigh-Durham International Airport. Downtown Raleigh, N.C., is within 17 miles southeast.
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The garden-style community encompasses six three-story buildings with studio, one-, two- and three-bedroom floorplans. Units range from 543 to 1,371 square feet and feature private balconies or patios.
Common-area amenities comprise two dog parks, a swimming pool, a barbecue and picnic area, as well as a billiard area and a business center. The property also has a coffee bar, clubhouse, fitness center lounge area, outdoor fire pit, EV charging stations, conference and focus rooms.
The other community is at 4685 Grandstand Drive, close to Interstate 25 and Northern Colorado Regional Airport. Downtown Denver is roughly 50 miles south.
Plat 10 at the Ranch consists of 10 three-story buildings across 12 acres. The unit mix comprises studio, one-, two- and three-bedroom layouts ranging between 543 and 1,369 square feet. Select floorplans also have private balconies or patios.
Common-area amenities include a fitness center, clubhouse, swimming pool and spa, as well as a business center and resident lounge with coffee bar. The community also has a billiards room, an outdoor kitchen and dining area, focus rooms for remote work or study, a food truck zone and yard game area, along with outdoor fire pits and entertainment area.
Walking & Dunlop Managing Director Sean Reimer, Senior Managing Directors Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Dustin Stolly, along with Senior Director Michael Ianno and Analyst Stanley Cayre, led the team that arranged the transactions.
Buckingham Cos. recent multifamily activity
Buckingham Cos.’ current portfolio comprises $3 billion in assets under management. The company owns and manages more than 60 properties totaling 14,000 units across nine states, focusing on Midwest, Southeast and Mountain West markets.
Earlier this year, Buckingham Cos. refinanced a five-state, seven-property multifamily portfolio comprising almost 2,400 units. The firm obtained a $330 million floating-rate SASB loan in a deal brokered by CBRE Capital Markets.
