Rialto Provides $40M Loan for Texas Multifamily Property

reprints


Watermark Residential has nabbed $40 million in financing from Rialto Capital Management to refinance The Retreat by Watermark—a multifamily property located in Corpus Christi, Texas—Commercial Observer has learned.

SEE ALSO: Ladder Capital Provides $72M Acquisition Loan for Chi-Town Condo Deconversion

Meridian Capital Group’s Peter Martz and Akiva Friend and Israel Schubert arranged the 10-year, non-recourse loan, which features an 80 percent loan-to-value and full-term, interest-only payments. Officials at the brokerage declined to confirm or comment on the lender’s identity.

Indianapolis, Ind.-based Watermark specializes in the development, construction and management of upscale multifamily communities, and has developed 8,500 units across 11 states to date.

“The teamwork between the Watermark and Meridian teams was instrumental in getting this extremely competitive deal across the finish line,” said Schubert in prepared remarks. “Meridian’s market knowledge, coupled with Watermark’s willingness to go above and beyond with every request, was the driving force behind the success of this transaction.”

Located at 5721 Timbergate Drive, The Retreat by Watermark includes one-, two-, and three-bedroom luxury apartments in three-story garden-style buildings. Property amenities include a fitness center, a movie room, covered parking, a swimming pool and a game room with billiards.

Officials at Rialto could not immediately be reached for comment. Officials at Watermark Residential did not immediately return a request for comment.