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Two Austin Rental Assets Included in $525M Refi
Newmark Group completed a $525 million refinancing of six properties on behalf of ICONIQ Capital and Sentral. The financing was provided by Deutsche Bank and Goldman Sachs, and it was a single-asset, single-borrower CMBS loan to refinance flexible apartment properties. Newmark’s Jonathan Firestone and Bill Fishel arranged the financing.
The transaction is tied to a portfolio of six apartment properties totaling 1,790 units, two of which are in Austin. The portfolio includes Sentral East Austin 1614 and Sentral East Austin 1630. Other projects are in Denver, Nashville, Chicago and Miami.
Sentral operates each asset in the portfolio, including approximately 25% of the units under a “flexible living” strategy in which units are fully furnished and made available for short- or mid-length stays. Terms of the financing include wide latitude for flexible management and various lengths of stay to optimize property performance.
“This is a milestone transaction representing a significant validation of the flexible living model as an institutional asset class,” said Firestone.
- ◦Financing
