Carter Multifamily Lands $302M Refi For Six-Property Multi-housing Portfolio

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Carter Multifamily has secured $262 million in debt and $40 million in equity to refinance a six-property, 1,494-unit, garden-style multi-housing portfolio scattered across Maryland, Virginia and Alabama,  Commercial Observer has learned. 

JLL provided the Freddie Mac Optigo loan through its agency lending business. JLL Capital Markets represented the borrower with a team led by Melissa Marcolini Quinn and Lee Weaver. JLL also worked to secure the equity through an institutional investor.

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Three of the six properties in the multi-housing portfolio are in Maryland, Park at Kingsview Village located at 13414 Daventry Way and Stonecreek Club at 12840 Locbury Circle are both in Germantown. Hunt Club is located at 404 Christopher Ave in Gaithersburg. Two are in Woodbridge Virginia, Springwoods at Lake Ridge at 12395 Midsummer Lane and Windsor Park at 3937 Penshurst Lane. Oaks of St. Clair is in Moody, Alabama located at 5050 Oaks of St. Clair Circle.

“Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, who was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” Quinn said in prepared remarks. 

“The favorable senior loan terms and sponsorship attracted a lot of interest from equity investors, and we are happy to close this deal for the Carter team,” Weaver added in prepared remarks.

Officials at Carter Multifamily did not immediately respond to a request for comment.

Emily Fu can be reached at efu@commercialobserver.com