TruAmerica Lands $300M for 5 Communities
Walker & Dunlop arranged the debt.
TruAmerica Multifamily has obtained $300 million for the refinancing of five multifamily communities, comprising more than 2,100 units, located in Florida, Georgia, Arizona and Tennessee. Walker & Dunlop Senior Director Russell Dey and Senior Managing Director Trevor Fase arranged the loans on behalf of the borrower.
The portfolio encompasses the 432-unit Sabal Palm at Carrollwood, in Tampa, Fla.; Slate Apartments, a 350-unit property in the Atlanta metro; The Urban, a 435-unit community in Phoenix; the 468-unit Viera Cool Springs, located near Nashville, Tenn.; and the 425-unit Stillwater Palms, in the Tampa/St. Petersburg market. The owner picked up the properties back in 2021.
Through the financing package, TruAmerica can extend the maturity dates on 45 percent of its current floating-rate debt tied to the assets. This strategy helps mitigate the risk of facing a significant debt payment in unfavorable market conditions and grants greater flexibility for potential future exits or refinancing. The Mortgage Bankers Association reports that approximately $1 trillion of multifamily debt is scheduled to mature by 2027.
In the early part of the year, the company executed four recapitalizations, totaling $332 million in value, resulting in the preservation of 1,500 units across Colorado, Florida and Utah. TruAmerica’s portfolio currently comprises approximately 60,000 units spread across 30 markets in 16 states.
The Sabal Palm at Carrollwood community, constructed in 1995, has undergone various enhancements such as clubhouse and fitness center renovations, introducing new furnishings by the pool and enhancing the overall landscaping on the property. Located at 3602 Carrollwood Place Circle, Sabal Palm offers connectivity to Downtown Tampa, the Westshore Business District, the Interstate 75 Corridor and the Tampa International Airport.
Located at 5798 Ogeechee Road in Savannah, Ga., Slate Apartments came online in 2009, featuring amenities such as a pet park, barbecue and grilling station, fitness center and pool. TruAmerica plans to completely renovate the property’s apartments; upgrades will include the addition of washer/dryer appliances, vinyl plank flooring and updated cabinetry.
The Urban was TruAmerica’s 13th investment in the Phoenix metro and their ninth acquisition of 2021. Presenting a significant value-add opportunity, the property is within a 6-mile radius of downtown Phoenix, Biltmore Fashion Center, Camelback Mountain, Papago Park and Phoenix Sky Harbor Airport. The owner intends to transform all units to a consistent standard throughout The Urban community and to also undergo exterior renovations and improve the amenity spaces.
Viera Cool Springs, the firm’s inaugural investment in Williamson County and its second venture within the Nashville metro area, is situated in the Franklin submarket. Completed in 1987, the community offers the possibility of a portion of the capital to be allocated towards enhancing apartment interiors and augmenting amenities through potential upgrades,
Located at 2480 Cypress Pond Road in Palm Harbor, Fla., Stillwater Palms provides access to all major employment centers within the Tampa metro, including Palm Harbor, the Westshore Business District, the Interstate 75 Corridor and Tampa International Airport. The 1985-built community features a 24-hour fitness center, a playground, a dog park, as well as picnic and grilling areas, two pools and boat parking.