Newly constructed mixed-use multifamily community with street-level retail, loft-style units and courtyard homes
MIAMI, August 23, 2025
A series of real estate financings totaling $569 million closed, led by a $110 million bridge take-out for a newly built 277-unit mixed-use development in Charleston and two 35-year fixed-rate HUD 223(f) refinances: $49.7 million for Elements Apartments in Santa Maria, CA (167 units) and $48.3 million for The Plaza at Pikes Peak in Colorado Springs, CO (215 units). The HUD loans provide long-term capital stability and GreenPoint Rated Silver certifications were noted. Proceeds will refinance construction and existing debt, fund reserves and transaction costs. The financing platform highlighted a broad lending and servicing portfolio and recent seniors housing activity.
A group of real estate financings that closed in July totaled $569 million, led by a $110 million bridge loan for a newly built mixed-use project in Charleston and two long-term 35-year fixed-rate HUD 223(f) loans for apartment communities in California and Colorado. The financings were announced with a dateline of MIAMI.
The largest single transaction in the July package was a $110 million bridge take-out loan used to refinance construction debt and to fund remaining work and transaction costs for a 277-unit mixed-use development in Charleston. Two HUD-insured loans followed: a $49.7 million HUD 223(f) refinance for a 167-unit community in Santa Maria, California, and a $48.3 million HUD 223(f) refinance for a 215-unit community in Colorado Springs, Colorado. Both HUD loans carry 35-year fixed rates.
The 277-unit Charleston project is newly constructed and combines multiple housing types with street-level retail. The development comprises a primary residential building, a Train Shed area offering loft-style apartments, and a collection of historic-style enclave single homes that include private courtyards. Retail space totals about 15,000 square feet distributed across seven suites. On-site eating and drinking tenants already operating include a restaurant and a coffee shop, and plans call for an additional third-party restaurant and a cocktail bar. Loan proceeds from the $110 million bridge will refinance existing construction debt, cover transaction costs, and complete remaining construction items.
A $49.7 million HUD 223(f) loan refinanced the 167-unit Elements Apartments, which was completed in 2023 and includes two commercial spaces. The property holds a GreenPoint Rated New Home Silver certification. Resident amenities include a rooftop sun deck, fitness center, dog park, and outdoor picnic and grilling areas. Proceeds from the HUD loan will pay off existing debt, cover closing costs, and fund a replacement reserve for future capital needs.
A $48.3 million HUD 223(f) financing was completed for a 215-unit apartment community delivered in 2022. The property holds a GreenPoint Rated Silver certification for existing multifamily homes. The HUD financing offers the same 35-year fixed structure as the California loan and will provide long-term capital stability for the borrower.
The bridge loan for the Charleston project was originated on behalf of the sponsor by three deal teams. The HUD transactions were originated by teams that worked on behalf of borrower and sponsor groups specified in the filings. These originators and sponsor names appear in company materials as the parties who structured and closed each loan.
In public materials, the financing groups described their services as including balance-sheet bridge and new construction loans, FHA/HUD insured loans, C-PACE, mezzanine financing, and preferred equity. The financing platform’s loan servicing portfolio was described as exceeding $13 billion in company materials. Additional company activity highlighted recent seniors housing financings in Q2, totaling $650.7 million and including sizable bridge loans for multi-property skilled nursing and assisted living portfolios in Ohio and central Florida, with supporting working capital lines for operations.
Separately, the financing platform completed a long-term office lease to relocate its headquarters into a mixed-use development in Bay Harbor Islands, signing a multi-year tenancy that expanded its South Florida footprint after an earlier headquarters move within the region. That office lease is part of broader corporate changes and real estate commitments noted in recent material.
The mix of a large bridge take-out and long-term HUD refinances shows a common capital strategy: use short-term bridge capital to complete or stabilize newly delivered mixed-use projects, and use HUD 223(f) to provide long-term, fixed-rate financing for stabilized multifamily assets. The inclusion of reserve funding and working capital lines in related seniors housing transactions underscores attention to operational liquidity and future capital needs across different property types.
Company materials list a media contact email for inquiries and also point to an investment trust website for more details on fund strategy and origination activities. These contacts are included in publicly filed press materials.
The July financings closed at a combined value of $569 million, including a $110 million bridge loan and two HUD 223(f) loans.
The Charleston project is a newly constructed, 277-unit mixed-use development with lofts, enclave single homes with courtyards and about 15,000 square feet of retail. The $110 million bridge loan will refinance construction debt, pay transaction costs, and fund remaining construction items.
HUD 223(f) loans are long-term, fixed-rate loans insured by HUD for multifamily housing. Two properties refinanced with 35-year fixed-rate HUD 223(f) loans: Elements Apartments in Santa Maria, CA ($49.7M) and The Plaza at Pikes Peak in Colorado Springs, CO ($48.3M).
Elements Apartments is GreenPoint Rated New Home Silver. The Plaza at Pikes Peak holds a GreenPoint Rated Silver certification for existing multifamily housing.
Yes. Materials also referenced a Q2 seniors housing financing package totaling $650.7 million, including large bridge loans and working capital lines to support multi-property portfolios in Ohio and central Florida.
| Deal | Location | Loan type | Amount | Units | Primary use of proceeds | Originators / Sponsors |
|---|---|---|---|---|---|---|
| LC Line and Low | Charleston, SC | Bridge / construction take-out | $110,000,000 | 277 | Refinance construction debt, transaction costs, remaining construction | Originated for Lifestyle Communities |
| Elements Apartments | Santa Maria, CA | HUD 223(f) — 35-year fixed | $49,700,000 | 167 | Pay off existing debt, closing costs, replacement reserve | Originated for The Vernon Group |
| The Plaza at Pikes Peak | Colorado Springs, CO | HUD 223(f) — 35-year fixed | $48,300,000 | 215 | Long-term refinancing and capital stability | Originated for Dunn & Associates / Denver Land Co. |
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