TruAmerica Multifamily Refis Five Properties for $300M
TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, added to an already successful year with the $300-million refinance of five multifamily properties in four states, The agency loans were arranged by Walker & Dunlop’s Russell Dey and Trevor Fase and include multifamily properties encompassing more than 2,100 units in Florida, Georgia, Arizona and Tennessee.
The assets were acquired by TruAmerica in 2021. They include Sabal Palm at Carrollwood, a 432-unit property in Tampa; Slate Apartments, a 350-unit property in Atlanta; The Urban, a 435-unit property in Phoenix; Viera Cool Springs, a 468-unit property near Nashville; and Stillwater Palms, a 425-unit property in the Tampa/St. Petersburg market.
“We already had excellent debt in place on these five properties, but we were proactive to obtain even more attractive financing for our portfolio even in today’s environment,” said Robert E. Hart, founder, CEO and president of Los Angeles-based TruAmerica. “The refinance will result in lower spreads and material reductions in debt service payments. We also mitigated risk in the overall portfolio with even further staggering of the maturity schedules.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).