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BTR Daily - August 12, 2025 - Berkadia closes $38.8M pre-TCO takeout financing for Arizona BTR community

BTR Daily - August 12, 2025 - Berkadia closes $38.8M pre-TCO takeout financing for Arizona BTR community

Tricon Residential securitizes $425.1M. NEWSTAR, Red Cedar Homes launch 58-home SFR community. ARK Homes launches 149-unit community. Single-family rents trend lower amid high deliveries. Two new BTR deals.

Matt H & Aid Sopjani
August 12, 2025

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NEWS ROUNDUP

FINANCING: Berkadia closes $38.8 million pre-TCO takeout financing for Arizona BTR. Berkadia has secured $38.8 million in pre-TCO takeout financing for Elux at McQueen, a 162-unit BTR community in Chandler, Ariz. Positioned near one of the region’s top retail, employment, and recreation hubs, the asset offers distinctive floor plans and a robust amenity package. The deal team included Hank Workman, Clay Akiwenzie, Will Drury, Babar Khalil, Rehana Begum, Andrew Curtis, and Mark Forrester.

FINANCING: Tricon Residential securitizes $425.1 million in SFR loan. Tricon Residential is issuing $425.1 million in pass-through certificates through Tricon Residential 2025-SFR2, backed by a single floating-rate mortgage secured by 1,507 income-producing single-family rental homes. Morgan Stanley Mortgage Capital Holdings originated the loan, supported by mortgage liens granted by the borrower or its wholly owned subsidiary. The sponsor acquired the properties between 2016 and 2023.

DEVELOPMENT: NEWSTAR, Red Cedar Homes launch 58-home SFR project in Charlotte. NEWSTAR has acquired 9 acres on Pleasant Grove Road in Northwest Charlotte and begun development of a 58-home single-family rental neighborhood in partnership with Red Cedar Homes. All attached two-story homes will be 100% end units with one-car garages, offered in both front- and rear-loaded layouts. The project will join the Stella Homes BTR portfolio, which now totals 1,300+ homes across completed, under-construction, and pre-development communities, according to Boone DuPree, CEO of NEWSTAR. Patterson Real Estate Advisory Group arranged construction loan financing and joint-venture equity, with Hancock Whitney Bank serving as construction lender. Sitework begins Q3 2025, with first homes delivering Summer 2026.

DEVELOPMENT: ARK Homes launches 149-unit townhome community in Georgia. ARK Homes has begun leasing at The Station at Kentmere, a 149-unit townhome community in Auburn, GA. “As we scale our portfolio, we remain committed to being part of the housing shortage solution by bringing more attainable, well-located homes to underserved areas,” said Andy Wu, Head of Acquisitions. The Station at Kentmere features a mix of modern floorplans and community amenities designed to meet growing demand in the region. The project was supported by team members Stefano Pulignano, Jennifer Spillane, Brandon Peters, David Lane, Shameek Agarwal, Gary Porter, Richard Swift, and Josef Bittman. CBRE’s Andrew Burns, Shea Campbell, and Bob Jasperse brokered the forward takeout deal.