SunTrust Scores $95M in Florida Refis
- Sep 04, 2019
SunTrust Banks Inc. has originated nearly $95 million for the refinancing of two Class A multifamily communities owned by Bluerock Residential Growth REIT (BRG) on the Gulf Coast of Florida. Evan Hom, managing directing at SunTrust CRE, originated the Fannie Mae Green Financing loans for the pair of properties.
The Preserve at Henderson Beach, a 340-unit community in Destin, received a $48.5 million 10-year loan with a 9-near interest-only period, followed by a 30-year amortization schedule. BRG acquired the asset at 4131 Commons Drive W. from Trammell Crow Residential in March 2016.
Built in 2009, the property offers studios, one- and two-bedroom apartments and is 97 percent occupied. The five-building community is located within walking distance of the beach and close to Eglin Air Force Base and Pensacola in the Florida Panhandle.
ARIUM Gulfshore, a 368-unit property in Naples, received a $46.3 million 10-year loan with a 3-year interest-only period, followed by a 30-year amortization schedule. The community at 5301 Summer Wind Drive was built in 1986 and is currently under renovation.
Spanning 46 buildings, the South Florida property is roughly 3 miles east of the beach. BRG formed a joint venture with its operating partner, Carroll Organization, to pick up the 46-building community in January 2016 from NorthStar Realty Finance. The REIT purchased a 95 percent stake in the venture’s equity.