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.
What happened: A commercial real estate finance firm and its affiliated mortgage trust completed $569 million in real estate financings in July. The package included a $110 million bridge loan that will refinance construction debt at a newly built mixed‑use development in Charleston, South Carolina, along with two 35‑year fixed‑rate HUD 223(f) loans that refinance completed apartment communities in California and Colorado.
The largest single piece of the July activity was a $110 million construction take‑out / bridge loan for a 277‑unit mixed‑use development in Charleston. Loan proceeds will refinance existing construction debt, pay transaction costs, and fund the project’s remaining construction needs. That development includes multiple residential components, retail space, and on‑site food and beverage operators, with plans for additional dining and nightlife venues.
The Charleston property is a newly constructed 277‑unit development with several distinct living formats: a main residential building, loft‑style apartments in a converted Train Shed, and historic enclave single homes that include private courtyards. The site also includes seven retail suites totaling approximately 15,000 square feet. On‑site food and beverage tenants currently include a restaurant and a coffee shop, and there are plans to add a third‑party restaurant and a cocktail bar once construction and leasing activity continue to progress. The sponsor for this transaction is a lifestyle‑focused developer that originated the deal through a team of loan originators.
The Santa Maria property is a 167‑unit multifamily community with two commercial spaces and resident amenities such as a rooftop sun deck, fitness center, dog park, and picnic area with grilling stations. The Colorado Springs property is a 215‑unit community with certification for energy and environmental performance. Both HUD loans are 35‑year fixed‑rate FHA-insured financings intended to provide long‑term stability for the borrowers and to support property operations and capital planning.
Across the deals, proceeds are earmarked to refinance existing loans or construction debt, pay transaction and closing costs, and establish reserves for future capital improvements where applicable. The bridge loan in Charleston also covers remaining construction expenses to complete the project’s planned amenities and tenant spaces.
The mortgage trust involved in these transactions is an actively managed real estate investment trust that partners with an affiliate finance firm to source and underwrite commercial mortgage investments. The firm’s loan servicing portfolio exceeds $13 billion, and its products include balance‑sheet bridge and new construction loans, FHA/HUD insured loans, C‑PACE financing, mezzanine loans, and preferred equity. The trust focuses on working with experienced sponsors in major markets and on investments with defined exit strategies.
Separately, in the previous quarter the same lending group reported a series of seniors housing and healthcare financings, including bridge loans for multi‑site skilled nursing and assisted living portfolios and working capital lines to support operations. The parent finance firm has also been expanding its South Florida office footprint, signing a long‑term lease at a mixed‑use development and relocating regional headquarters earlier in the year.
These closings reflect continued appetite for both transitional bridge financing for recently completed construction and long‑term HUD‑insured loans for stabilized multifamily assets. The mix of product types highlights how lenders are pairing short‑term capital to bridge to permanent financing alongside insurer‑backed programs that support long amortizations and predictability for owners and operators.
The closings included a construction take‑out/bridge loan and two 35‑year fixed‑rate HUD 223(f) loans.
The Charleston development is a 277‑unit mixed‑use project with multiple residential components and retail space. The $110 million bridge loan will refinance existing construction debt, cover transaction costs, and fund remaining construction expenses.
One HUD loan refinanced a 167‑unit multifamily community in Santa Maria, California, and the other refinanced a 215‑unit apartment community in Colorado Springs, Colorado. Both loans are 35‑year fixed‑rate financings.
Yes. The Santa Maria community holds a GreenPoint Rated New Home Silver certification, and the Colorado Springs community holds a GreenPoint Rated Silver certification for existing multifamily housing.
Originations are handled by deal teams that include senior originators and managing directors specializing in multifamily, bridge, healthcare, and HUD transactions. Teams often work on behalf of sponsors, borrowers, or asset managers.
| Property | Location | Units | Loan Type | Loan Amount | Notable Features | Deal Originators / Sponsor |
|---|---|---|---|---|---|---|
| LC Line and Low | Charleston, SC | 277 | Construction take‑out / Bridge | $110,000,000 | Mixed‑use: main residential building, Train Shed lofts, historic enclave homes, 15,000 sq ft retail, on‑site dining | Originated for sponsor by a dedicated loan team |
| Elements Apartments | Santa Maria, CA | 167 | HUD 223(f) — 35‑yr fixed | $49,700,000 | Completed 2023; GreenPoint Rated New Home Silver; rooftop deck, fitness center, dog park | Originated by multifamily finance team for borrower group |
| The Plaza at Pikes Peak | Colorado Springs, CO | 215 | HUD 223(f) — 35‑yr fixed | $48,300,000 | Delivered 2022; GreenPoint Rated Silver for existing multifamily | Originated by HUD specialists for regional borrowers |
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