Sundance Bay has secured $95.74 million in total financing for a 626-unit, two-property multifamily portfolio. The financing package consists of $76.24 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan through CCL Capital.
The portfolio includes Grove East, a 324-unit class A garden-style community built in 2021 and located at 9300 N. Sam Houston Parkway E. in Humble, Texas, and Rowlett Station, a 302-unit class A mid-rise community also built in 2021 and located at 3601 Melcer Drive in Rowlett, Texas. Both properties were subject to Housing Finance Corporation (HFC) income restrictions, which added a layer of regulatory complexity to the transaction and required coordination across both the senior and mezzanine loan components simultaneously.
Grove East sits adjacent to Houston’s Generation Park, a 4,300-acre master-planned development that anchors one of the region’s fastest-growing employment corridors. The property wa
