Two Florida Properties Secure $95M in Fannie Mae Green Financing
SunTrust originated a $48.49-million 10-year term loan with nine-years interest only followed by a 30-year amortization schedule for The Preserve at Henderson Beach, a 340-unit multifamily property located at 4131 Commons Drive West in Destin, FL.
DESTIN, FL—Lender SunTrust Banks Inc. reports it has originated $95 million in Fannie Mae Green Financing for the refinance of two multifamily properties located on the Gulf Coast of Florida.
Evan Hom, managing director in SunTrust CRE’s New York office, originated the transactions that closed last month for the Class A multifamily developments. The sponsor for both deals was identified by SunTrust as a large REIT.
SunTrust originated a $48.49-million 10-year term loan with nine-years interest only followed by a 30-year amortization schedule for The Preserve at Henderson Beach, a 340-unit multifamily property located at 4131 Commons Drive West in Destin, FL. The property is within walking distance of the beach and near Eglin Air Force Base. Built in 2009, the property features a mix of studios, one- and two-bedroom apartments. The Preserve at Henderson Beach was 97% occupied at time of close.
SunTrust CRE also originated a $46.345-million 10-year term loan with three-years interest only followed by a 30-year amortization schedule for ARIUM Gulfshore, a 368-unit property located at 5301 Summer Wind Drive in Naples, FL. Built in 1986 and currently under renovation, the property features one- and two-bedroom apartments.
SunTrust notes that it continues to see strong investor demand for new long-term agency debt to refinance the multifamily property supply in select areas across the Southeast.
“Florida is a strong market for multifamily investments,” Hom notes.
As of June 30, 2019, SunTrust, which is headquartered in Atlanta, had total assets of $222 billion and total deposits of $161 billion.