Watermark Residential Scores $179M Refi
- Aug 22, 2019
Watermark Residential has landed $179.2 million in permanent financing for a four-asset portfolio of multifamily communities totaling 1,188 units in Arkansas, Colorado and Texas. 3G Capital Advisors facilitated the Freddie Mac Conventional loans, which all carry 15-year terms with a fixed interest rate and 30-year amortization, along with 7 years of interest-only payments.
P.J. McDevitt, an originator for Greystone, originated the transaction on behalf of Watermark Residential. The loans will refinance four recently built, Class A, suburban assets that are at or near full stabilization, including:
- Watermark at Steele Crossing (306 units) at 150 E. Dunbar Lane, in Fayetteville, Ark.
- Watermark at Harvest Junction (276 units) at 766 South Martin St. in Longmont, Colo.
- Watermark on Twenty Mile (294 units) at 11010 Twenty Mile Road in Parker, Colo.
- The Ranch at Sienna Plantation (312 units) at 8811 Sienna Springs Blvd. in Missouri City, Texas
Built in 2016, The Ranch at Sienna Plantation is located in a suburb of Houston. The 29-building community is nearly 97 percent occupied, according to Yardi Matrix data. The two Colorado properties are sited in the Denver suburbs and were completed last year. Watermark at Harvest Junction, north of Denver, has three buildings and is 83 percent occupied. Watermark on Twenty Mile, south of the Colorado capital, is roughly 92 percent occupied across 16 buildings.
All the communities have a full range of amenities including clubhouse, fitness center, pool, and in-unit washers and dryers. Multifamily developer and management firm Watermark Residential secured a $40 million loan to refinance Retreat by Watermark, a 324-unit community in Corpus Christi, Texas in May of last year.