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Adam America and Stellar complete refi of 134-unit St. Cloud BTR project
The joint venture replaced construction financing with a $35.1 million bridge loan from CoreVest after completing the townhome community earlier this year.
Adam America Real Estate and Stellar Communities refinanced the Havens at Hickory Tree Reserve, a newly completed 134-townhome build-to-rent community in St. Cloud, Florida, according to ConnectCRE.
The joint venture obtained a $35.1 million bridge loan from CoreVest American Finance Lender, LLC, using the funding to replace the project’s construction financing following completion earlier this year.
ConnectCRE also said Walker & Dunlop arranged the financing for the joint venture, and the property is located at 4896 Stellar Drive.
The community offers 134 two-, three- and four-bedroom townhomes, with rents starting at approximately $2,463 per month for two-bedroom residences, and includes amenities such as a clubhouse with a fitness center, resort-style swimming pool, and a lakefront dog park.