Sundance Bay Secures $95.7 Million Financing For 626-Unit Texas Multifamily Portfolio

A multifamily portfolio in Texas comprising 626 units has secured financing, located at 9300 North Sam Houston Parkway East & 3601 Melcer Drive within the Humble and Rowlett markets. The financing totals $95.7 million, which includes $76.2 million in senior debt and a $19.5 million mezzanine loan. The properties involved include the 324-unit Grove East in Humble and the 302-unit Rowlett Station in Rowlett, both of which were constructed in 2021 and reported over 90% occupancy at the time of the transaction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $95,700,000
• Loan Type: Senior & Mezzanine
• Lender: Benefit Street Partners & CCL Capital
• Landlord: Sundance Bay
• Brokers: Chase Johnson, Caleb Riebe, Jennifer Campbell, Josh Hoffman, Grant Raymond, Asher Hall - Cushman & Wakefield; Richard Kourbage - Greystone

In this transaction, Sundance Bay was the landlord, with significant contributions from various brokers in the arrangement of financing. Cushman & Wakefield played a key role in securing the senior debt while CCL Capital facilitated the mezzanine loan. The collaboration between these firms demonstrates a strong commitment to the Texas multifamily sector.