Walker & Dunlop Arranges $110 Million Refinancing for 731-Unit Multifamily Portfolio in Stafford

By Multifamily Newsroom™

Walker & Dunlop, Inc. has arranged $110,000,000 in refinancing for two Class A multifamily properties in Stafford, Texas. The transaction covers 1879 at the Grid and Arc at the Grid, which together total 731 units within a 192-acre mixed-use development.

Walker & Dunlop Capital Markets Institutional Advisory arranged the loan as exclusive advisor to Lone Star Funds. The financing team included Dustin Stolly, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Michael Ianno, and Edward Leboyer. The floating-rate, interest-only loan was provided by TPG Real Estate Credit.

"1879 at the Grid and Arc at the Grid are well-located multifamily assets that benefit from the continued growth of the Stafford and Sugar Land corridor," said Stolly, senior managing director of Capital Markets Institutional Advisory at Walker & Dunlop. "TPG Real Estate Credit recognized the strength of the assets and their position within the Southwest Houston market, as well as Lone Star's reputation as a best-in-class Sponsor, resulting in a financing solution that aligned well with our client's objectives."

The properties were built in 2019 and 2020, respectively. Together they span approximately 653,000 rentable square feet across the 731 total units. Both properties offer a mix of studio, 1-bedroom, 2-bedroom, and 3-bedroom residences with modern finishes and open-concept layouts.

Amenities at the properties include resort-style pools, fitness and wellness centers, resident lounges, coworking spaces, pet parks, outdoor lounges and courtyards, package lockers, detached garages and carports, barbecue areas, and fire pits.

The properties are located along the U.S. 90A corridor and offer direct access to Interstate 69, the Sam Houston Tollway, and Highway 6. This positioning provides access to major Houston employment centers including the Texas Medical Center, Uptown/Galleria, Greenway Plaza, Downtown Houston, and the Fort Bend County growth corridor.

According to the company, the Stafford and Sugar Land corridors are supported by continued population growth, a diverse employment base, and established regional infrastructure.