Newmark Group has successfully completed a $525 million refinancing deal for six properties owned by ICONIQ Capital and Sentral. The financing was secured through Deutsche Bank and Goldman Sachs, in the form of a single-asset, single-borrower CMBS loan specifically designed to refinance flexible apartment properties. Newmark’s Jonathan Firestone and Bill Fishel were responsible for arranging the financing.
The transaction is tied to a portfolio of 1,790 units across six apartment properties located in Austin (two), Denver, Nashville, Chicago, and Miami. All assets within this portfolio are operated by Sentral under their “flexible living” strategy which offers fully furnished units available for short or mid-length stays. The terms of the financing allow for flexible management practices as well as varying lengths of stay in order to optimize property performance.
According to Firestone: “This significant refinancing deal serves as an important milestone that validates the flexible living model as an institutional asset class.” Two rental assets located in Austin – Sentral East Austin 1614 and Sentral East Austin 1630 – are included within this successful transaction.
