Lincoln Financial provided a $46.2 million loan to refinance Summer Meadows and Summers Crossing, two garden-style multi-housing communities totaling 683 units in Plano, Texas.
The two 10-year, fixed-rate loans were made to an affiliate of Milestone Apartments Real Estate Investment Trust. HFF arranged the financing.
Summer Meadows is situated on 21.6 acres at the southeast corner of Spring Creek Parkway and Ohio Drive, just east of the $2 billion Legacy West mixed-use development. Summers Crossing sits across 15.71 acres at the corner of Preston Road and Dexter Drive to the north of the President George Bush Turnpike.
Both garden-style assets offer a mix of one- and two-bedroom floor plans with a combined occupancy of approximately 95 percent.
Milestone is an unincorporated, open-ended REIT that is governed by the laws of Ontario. The REIT’s portfolio consists of 72 multifamily garden-style residential properties, comprising 22,546 apartment units that are located in 14 major metropolitan markets throughout the southeast and southwest United States.
The REIT operates its portfolio through its internal property management company, Milestone Management, one of the country’s largest residential property management firms.
Lincoln Financial provides fixed-rate, non-recourse loans between $2-$100 million, with 5-30 year durations and loan-to-values in the 75 percent range.