RAIA Secures $48M in Acquisition Financing for Florida Asset
The community opened its doors last year.
RAIA Capital Management has obtained a $47.8 million fixed-rate, interest-only loan from Fannie Mae to finance its acquisition of Mason Stuart, a 270-unit multifamily community located in Stuart, Fla.
The current owner of the property is Waypoint Residential, according to Yardi Matrix. Walker & Dunlop arranged the financing.
Located outside Port St. Lucie and comprising seven buildings, Mason Stuart opened in 2024 and includes a mix of one-, two- and three- bedroom units, the same source shows. The community is currently 91.5 percent occupied.
Citizens Financial Group provided a $40.1 million construction loan for the asset in March 2022. Those funds matured last month.
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Apartments at Mason Stuart include walk-in closets, vinyl plank flooring and in-unit washers and dryers. Community amenities include a pool, pavilion with grilling station, fitness center, pet spa and clubhouse.
The property sits at 4585 SE Federal Hwy, positioned near many retail and dining options. The location also provides close access to Interstate 95 and is eight miles from Stuart Beach.
Walker & Dunlop’s Multifamily Finance team, led by Senior Managing Director Craig West, brokered the deal.
RAIA trades South Florida Assets
New Jersey-based RAIA owns several multifamily communities across the South and Midwest, with a portfolio totaling 3,000 units.
In August, the firm sold Casa Brera at Toscana Isles, a 206-unit asset in Lake Worth Beach, Fla., to The Milestone Group. RAIA, which had purchased the Miami-area community in 2018 for $44.4 million, sold it to Milestone at a 20 percent discount due to its replacement cost.
