BTR Daily - March 5, 2025 - MBP secures $116.2 million refinancing loan

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NEWS ROUNDUP

FINANCING: MBP secures $116.2 million refinancing loan. Max Benjamin Partners (MBP) has successfully secured a $116.2 million refinance loan for investor and developer Adam Tancredi to support the development of 214 BTR homes in Paso Robles, California. MBP's Jason Moyal and Drew Rands arranged the financing for the development, which is designed by Daniel Gehman of Danielian Associates. The project will offer two- and three-bedroom homes ranging from 1,395 to 1,701 square feet, along with Accessory Dwelling Units (ADUs) spanning 663 to 847 square feet.

FINANCING: Wolfson and Genesis announce $62 million bridge facility. Wolfson BTR has closed on a $62 million bridge facility from Genesis Capital to support the lease-up and stabilization of Encanto Isla, a 214-unit BTR community in Kissimmee, Florida. The financing will be advanced in multiple tranches as construction on individual units is completed. Spanning two non-contiguous sites within walking distance of each other, the 25-acre community will feature three- and four-bedroom townhomes equipped with attached garages and private backyards—designed to rival the experience of a traditional starter home.

DEVELOPMENT: Taylor Morrison breaks ground on Charlotte community. Taylor Morrison has officially broken ground on The Coves at Lake Wylie, a 162-acre residential development in southwest Charlotte, North Carolina. The community will feature 365 detached single-family homes and 134 townhomes. Taylor Morrison acquired the property for $58 million from Drapac Capital Partners in a transaction facilitated by Cushman & Wakefield. Andy Slowik, managing director of Cushman & Wakefield’s National Land Advisory Group, highlighted the demand for infill residential land in Charlotte, noting that The Coves at Lake Wylie received interest from both regional and national developers. “The physical characteristics of the site ‘checked all of the boxes’ for the homebuilders,” said Alex Phillips, director at Cushman & Wakefield’s Sunbelt Multifamily Advisory Group. Drapac Capital Partners sold the site with a fully approved Land Disturbance Permit, allowing Taylor Morrison to begin development immediately.

DEVELOPMENT: ASolo announces 166-unit BTR in Orlando. ASolo has announced Twelve Oaks, a 166-unit BTR community set to be developed in Orlando, Florida. According to Tony Solo, CEO at ASolo, “This project marks the company’s third and final phase of an assemblage totaling 70 acres of development land and 858 units of multifamily and townhomes across three contiguous developments.”

READ: SFR rents rise slowly.

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