June 14, 2019
PGIM Real Estate Finance, through two Fannie Mae loans, arranged refinancing to the tune of $111 million for a 515-unit multifamily portfolio consisting of Gables Park Plaza and Gables Park Tower in Austin. The lender, on behalf of asset owner Clarion Gables Multifamily Trust, provided a 10-year loan for Gables Park Plaza and a 12-year loan for Gables Park Tower, which are at 115 and 111 Sandra Muraida Way, respectively.
The financing is paying off previous PGIM loans. “We previously provided the loan on Gables Park Plaza and the construction loan on Gables Park Tower in early 2012—when construction funds were not readily available—and helped to accelerate the transformation of this neighborhood,” said PGIM Real Estate Finance’s Tom Goodsite.
Amenities at both properties include resort-style swimming pools, outdoor courtyards with kitchen/barbecue areas, sky lounges, theater and games rooms, conference centers and a bocce ball court.
Pictured: Gables Park Plaza
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