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Benefit Street Partners funds $103M bridge loan for 864-unit Texas portfolio
The floating-rate, interest-only bridge loan is set up for a three-year term to refinance the portfolio as it moves toward full stabilization.
Vantage Communities has secured $103 million in bridge debt to refinance a three-property multifamily portfolio totaling 864 units across three Texas markets, Commercial Observer reported.
The financing was provided by Benefit Street Partners and is structured as a floating-rate, interest-only bridge loan with a three-year term, with the proceeds intended to take the assets toward full stabilization.
Greystone Capital Advisors arranged the transaction, with Drew Fletcher, Bryan Grover, and Jesse Kopecky cited among those involved.
The portfolio includes Vantage at Hutto, Vantage at McKinney Falls, and Vantage at Fair Oaks, each with 288 units. The properties opened in either 2023 or 2024 and feature amenities including resident clubhouses, fitness centers, and resort-style swimming pools.