Newmark Group has completed a $525 million refinancing on behalf of ICONIQ Capital and Sentral: a first-of-its-kind single-asset, single-borrower CMBS loan to refinance flexible apartment properties.
The transaction is tied to a portfolio of six apartment properties totaling 1,790 units in vibrant urban markets. Sentral operates each asset in the portfolio, including approximately 25 percent 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. The six-building portfolio includes Sentral Union Station in Denver, Sentral Michigan Avenue in Chicago, Sentral SoBro in Nashville, Sentral Wynwood in Miami, Sentral East Austin 1614 and Sentral East Austin 1630.
“This is a milestone transaction representing a significant validation of the flexible living model as
