Lone Star Funds has completed a $110 million refinancing secured by two Class A multifamily communities within a large mixed-use project in Stafford, Texas. The financing is backed by 1879 at the Grid and Arc at the Grid, which together comprise 731 rental units inside the 192-acre Grid development.
The loan was arranged by Walker & Dunlop Capital Markets Institutional Advisory. The advisory team of Dustin Stolly, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Michael Ianno and Edward Leboyer structured the debt with TPG Real Estate Credit as the lender. The financing is a floating-rate, interest-only loan.
1879 at the Grid and Arc at the Grid were delivered in 2019 and 2020, respectively, and collectively offer 731 units. The unit mix spans studio, one-, two- and three-bedroom floor plans, positioning the properties to serve a range of renter household types within the broader mixed-use environment.
Amenities across the communities are extensive and include swimming pools, fitness and wellness centers, resident lounges and coworking spaces. Outdoor features comprise pet parks, landscaped courtyards, outdoor lounges, barbecue areas and fire pits. The properties also provide package lockers, as well as detached garages and carports, offering residents a mix of convenience and covered parking options.
Located along the U.S. 90A corridor in Stafford, 1879 at the Grid and Arc at the Grid benefit from direct connectivity to Interstate 69. This regional access enhances mobility to employment centers and surrounding communities while integrating the residential component into the broader 192-acre mixed-use setting of the Grid.
The refinancing underscores continuing lender appetite for stabilized, amenitized Class A multifamily assets in mixed-use environments. By locking in a floating-rate, interest-only structure, Lone Star Funds gains additional flexibility on near-term cash flow management while maintaining institutional-grade financing on its Stafford holdings.
