Commercial real estate lender 3650 REIT has originated a mezzanine loan of more than $103 million for the recapitalization of a 12-asset portfolio of U.S. multifamily assets.
The loan, which carries an initial term of 24 months, was provided to a joint venture between David Werner Investments and Onyx Partners.
The Southern Residential Portfolio spans more than 3,500 apartment units across four states: Louisiana, South Carolina, Georgia and Tennessee. It consists of more than 3.7 million rentable square feet and spans a diverse unit mix of one-, two- and three-bedroom apartments with an average size of 1,020 square feet. Nearly one-third of the units have been recently renovated, and continuing interior renovations are under way.
“We are thrilled to complete another transaction for repeat borrowers with whom we have strong relationships, and believe the properties comprising the Southern Residential Portfolio will keep seeing great success,” said Jonathan Ro
