Aspen Square Management Lands $268M Refi
- Jun 15, 2020
Aspen Square Management has received a refinancing package of $268.4 million for a nationwide multifamily portfolio including properties in Arizona, Florida and Massachusetts, according to public records.
Walker & Dunlop originated the two senior loans through Fannie Mae. The new financing replaces a $197.6 million Fannie Mae line of credit from Capital One, according to Yardi Matrix data.
The loans encumber a wide range of Class B properties, mostly located in suburban areas. The garden-style communities, constructed between 1968 and 2000, include:
- Ashton Chase (358 units) in Clermont, Fla.
- The Oasis at 1800 (280 units) in Tallahassee, Fla.
- Promenade at Grand (180 units) in Surprise, Ariz.
- Somerset Palms (169 units) in Naples, Fla.
- Welby Park Estates (108 units) in New Bedford, Mass.;
- Lakewood Village (108 units) in Jacksonville, Fla.
In May, Aspen Square Management sold Element at University Park, a 192-unit community in College Station, Texas. Berkadia secured the $14.3 million acquisition loan for the buyer, One Real Estate Investment.