$40M Refi Arranged for Retreat by Watermark Apartments
Developer Watermark Residential obtained a $40 million loan to refinance its 324-unit Retreat by Watermark in Corpus Christi, TX. Peter Martz, Akiva Friend and Israel Schubert with Meridian Capital Group arranged the 10-year, non-recourse loan on behalf of the sponsor. The full-term, interest-only loan carries a favorable fixed rate.
Retreat by Watermark is at 5721 Timbergate Dr. The complex consists of one, two and three-bedroom units. On-site amenities include a fitness center, movie room, covered parking, swimming pool and a game room with billiards.
The property, which is situated on 14.8 acres, delivered in 2017.
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- ◦Financing