Ares Real Estate refinances 599-unit apartment pair with $107.5M SMBC loan
CBRE arranged the debt across Axis 110 in Richardson, Texas and Skye 750 in King of Prussia, Pennsylvania; terms were not disclosed.
At a glance
CBRE arranged the debt across Axis 110 in Richardson, Texas and Skye 750 in King of Prussia, Pennsylvania; terms were not disclosed.
Ares Real Estate has secured a $107.5 million refinancing from Sumitomo Mitsui Banking Corporation covering two apartment properties, Commercial Observer reported Oct.
The collateral is Axis 110, a 351-unit building at 110 W CityLine Drive in Richardson, Texas, and Skye 750, a 248-unit building at 750 Moore Road in King of Prussia, Pennsylvania.
Ares Real Estate has secured a $107.5 million refinancing from Sumitomo Mitsui Banking Corporation covering two apartment properties, Commercial Observer reported Oct. 16.
The collateral is Axis 110, a 351-unit building at 110 W CityLine Drive in Richardson, Texas, and Skye 750, a 248-unit building at 750 Moore Road in King of Prussia, Pennsylvania.
Axis 110 was built in 2017 next to the Dallas Area Rapid Transit CityLine Station and includes 8,110 square feet of ground-floor retail. Skye 750 was completed in 2019 about 20 miles northwest of Philadelphia.
Together, the pair totals 599 units, putting the loan at roughly $179,000 per unit.
CBRE arranged the transaction through its global institutional debt advisory group: Tom Traynor, Tom Rugg, Peter Griesinger, Arman Samouk and Kayla Kaloostian.
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