Adam America Real Estate and Stellar Communities have completed a refinancing of Havens at Hickory Tree Reserve, a newly delivered build-to-rent townhome community in St. Cloud, Florida. The joint venture closed on a $35.1 million bridge loan that replaces the property’s construction financing following completion of the project earlier this year.
The new loan was provided by CoreVest American Finance Lender, LLC, and is structured as a bridge facility, giving the sponsors time to stabilize operations at the recently completed asset. Walker & Dunlop arranged the financing on behalf of the joint venture, with a team that included Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, and Sean Bastian.
Havens at Hickory Tree Reserve is located at 4896 Stellar Drive in St. Cloud and comprises 134 build-to-rent townhomes. The community offers a mix of two-, three-, and four-bedroom residences, with starting rents of approximately $2,463 per month for the two-bedroom units, according to the sponsors. The configuration is designed to appeal to renters seeking the space and feel of a townhome within a professionally managed rental community.
Residents have access to a range of community amenities centered around a clubhouse with a state-of-the-art fitness center and a resort-style swimming pool. Outdoor offerings include a covered playground, a walking path that encircles an adjacent lake, and a lakefront dog park. These shared spaces are positioned as key lifestyle features for households seeking rental housing with access to recreation and open space.
The refinancing marks a transition for the project from its construction phase to longer-term bridge financing, following completion earlier in the year. With the new loan in place, Adam America Real Estate and Stellar Communities continue to execute their business plan for the 134-unit build-to-rent community in St. Cloud.
