Continental Properties Co., a national developer, owner and operator of middle-income suburban rental housing, has closed a $480 million loan refinancing 10 multifamily communities held in Continental Properties Real Estate Development Fund II.
The 10 communities comprise 2,731 apartment homes across Florida, Georgia, Illinois, Indiana, Iowa, Michigan and Tennessee and are part of Development Fund II’s broader portfolio of 23 communities and more than 5,700 homes. New York Life Investment Management (NYLIM) provided the loan, which will retire construction debt on the properties and return capital to investors, reflecting Continental’s disciplined approach to capital management in a tighter lending environment.
“This refinancing allows us to transition out of construction financing and into attractive, long-term capital while returning meaningful proceeds to our investors,” said Dan Sell, vice president of finance at Continental Properties. “This compelling c
