Continental Properties Refinances $480M Multifamily Portfolio
1 report, 1 independent
Updated Mon 00:00
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What happened
Continental Properties secured $480 million in debt from New York Life Investment Management to refinance a 10-property multifamily portfolio. This portfolio contains over 2,700 apartment units across seven states, including Michigan, Indiana, and Georgia. The properties will be integrated into Continental Properties Development Fund II, which includes more than 5,700 apartments.
Why it matters
The new capital package allows Continental Properties to strengthen its balance sheet by replacing construction financing with debt from New York Life Investment Management. The transaction was arranged by Walker & Dunlop.