Benefit Street Partners Provides $117.3 Million Refinance For Multifamily Communities In Texas

The transaction involves three multifamily communities located at 2601 North Austin Avenue, 1141 Pleasant Hill Road, and 14864 Fishtrap Road in the Georgetown, Leander, and Aubrey markets of Texas. The combined asset encompasses 960 units with a total square footage of 922,623. The deal signifies a refinance arrangement involving a loan amount of $117,300,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $117,300,000
• Loan Type: Refinance
• Loan Terms: floating-rate, interest-only
• Lender: David Elgart - Benefit Street Partners
• Brokers: Jordan Casella, Aaron Appel, Adam Schwartz, Jonathan Schwartz, Keith Kurland, Christopher de Raet & Nicholas Gilhooley - Walker & Dunlop

The refinancing was arranged by Walker & Dunlop, supporting the institutional owner’s investment strategy within the improving multifamily market conditions arising from strong renter demand and slowing new construction in Austin and Dallas-Fort Worth.