Weekly Real Estate News
Summary
Walker and Dunlop arranged 110 million dollars in floating rate refinancing for two Stafford Texas apartment properties totaling 731 units.
Walker & Dunlop arranged a $110 million refinancing for two apartment communities in Stafford, Texas, securing new debt for 731 residences in the Houston metropolitan area.
The financing covers 1879 at the Grid and Arc at the Grid, two Class A properties within a 192-acre mixed-use development. Walker & Dunlop acted as exclusive adviser to Lone Star Funds and placed the floating-rate, interest-only loan with TPG Real Estate Credit, according to its October 14 announcement.
Two communities near Houston employment centers
Built in 2019 and 2020, the properties contain approximately 653,000 rentable square feet. They offer studio through three-bedroom residences, with amenities including pools, fitness centers, coworking areas and resident lounges.
The properties are located along the U.S. 90A corridor, with access to Interstate 69 and major employment destinations in Houston and Fort Bend County. Walker & Dunlop identified the Stafford and Sugar Land corridor as an important part of the assets’ positioning.
The lender and adviser did not disclose the loan coupon, term or property valuation in the announcement. Because the debt carries a floating rate, future financing costs may respond to changes in the relevant benchmark and loan terms.
The transaction is one example of private credit’s role in multifamily refinancing as property owners navigate elevated borrowing costs and regional differences in apartment supply.
