Vantage Communities has secured $103 million in bridge financing to refinance a portfolio of three multifamily properties totalling 864 units in Texas. This transaction, exclusively reported to Commercial Observer, was provided by Benefit Street Partners and is intended to finance the properties until full stabilisation. The financing is structured as a variable-rate, interest-only bridge loan with a three-year term.
The transaction was brokered by Drew Fletcher, Bryan Grover, Jesse Kopecky and Cameron Behr of Greystone Capital Advisors. Mr. Fletcher highlighted the quality of the parties involved as well as the assets, emphasising the long-term fundamentals supporting the dynamic markets in Central Texas.
Property Details
The portfolio comprises three developments, all of which opened recently, in 2023 or 2024. Each of the properties offers amenities such as resident clubhouses, fitness centres and resort-style swimming pools.
- —Vantage at Hutto: A 288-unit complex, located at 1051 North Farm to Market 1660 in Hutto, Texas, near Austin.
- —Vantage at McKinney Falls: Also a 288-unit complex, address 7900 McKinney Falls Parkway in suburban Austin, Texas.
- —Vantage at Fair Oaks: A third 288-unit complex at 9135 Dietz Elkhorn Road in Boerne, Texas, outside San Antonio.
Drew Fletcher expressed satisfaction with the structuring of this financing solution, which met the clients' objectives while leveraging the strength of the high-quality and recently completed portfolio.
