The multifamily portfolio comprises almost 600 residential units in Richardson, Texas, and King of Prussia, Pennsylvania. Sumitomo Mitsui Banking Corporation (SMBC) provided the loan to refinance this significant apartment portfolio, as exclusively reported by Commercial Observer.
Although the Philadelphia Eagles and the Dallas Cowboys are long-standing rivals in the National Football League's NFC East, the two markets are now connected by one of the latest commercial real estate financings. Ares Real Estate completed this USD 107.5 million refinancing.
The loan was provided by SMBC for Ares' properties Axis 110 in Richardson, Texas, and Skye 750 in King of Prussia, Pennsylvania. CBRE was responsible for brokering the transaction. A global institutional debt advisory team from CBRE, consisting of Tom Traynor, Tom Rugg, Peter Griesinger, Arman Samouk and Kayla Kaloostian, arranged the financing.
Details of the Properties
Completed in 2017, Axis 110 is located at 110 W CityLine Drive in Richardson and comprises 351 apartments. The complex is situated directly next to the Dallas Area Rapid Transit CityLine Station. Resident amenities include a swimming pool, a skyline terrace, a fitness centre, and 8,110 square feet of ground-floor retail space.
Skye 750 was completed in 2019 and is located at 750 Moore Road, approximately 20 miles north-west of Philadelphia. It features 248 residential units. Amenities at Skye 750 include a swimming pool, a fire pit, a dog park, co-working spaces, a fitness club, and a sauna.
Financing Background
The refinancing of these properties underscores the ongoing interest in stable multifamily portfolios in attractive US markets. SMBC did not immediately respond to a request for comment. Ares declined to comment.
- —Property Axis 110: 351 apartments, built 2017, Richardson, Texas.
- —Property Skye 750: 248 apartments, built 2019, King of Prussia, Pennsylvania.
- —Total loan volume: USD 107.5 million.
- —Lender: Sumitomo Mitsui Banking Corporation (SMBC).
