HUMBLE AND ROWLETT, TEXAS — Cushman & Wakefield has arranged $95.7 million in financing for a portfolio of two affordable housing properties totaling 626 units. Grove East is a 324-unit, garden-style property located in the northern Houston suburb of Humble, and Rowlett Station is a 302-unit midrise building located northeast of Dallas. Both properties were built in 2021 and are subject to Housing Finance Corp. (HFC) income restrictions. The financing consists of $76.2 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan funded by CCL Capital. Chase Johnson and Caleb Riebe led the Cushman & Wakefield team that arranged the debt on behalf of the owner, Salt Lake City-based investment firm Sundance Bay.
Jennifer Campbell and Josh Hoffman of Cushman & Wakefield’s Houston office provided transactional support for Grove East (pictured). Grant Raymond and Asher Hall of the firm’s Dallas office did the same for Rowlett Station, along with Richard Kourbage of Greystone.
Cushman & Wakefield Arranges $95.7M in Financing for Metro Houston, Dallas Affordable Housing Portfolio
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