Continental Properties Company, Inc. closed a $480 million loan refinancing 10 multifamily communities held in Continental Properties Real Estate Development Fund II, LP.
The 10 communities comprise 2,731 apartment homes across Florida, Georgia, Illinois, Indiana, Iowa, Michigan and Tennessee and are part of Development Fund II’s broader portfolio of 23 communities and more than 5,700 homes.
NYLIM provided the loan, which will retire construction debt on the properties and return capital to investors, reflecting Continental’s disciplined approach to capital management in a tighter lending environment.
