SunTrust Banks, Inc. (NYSE: STI) announced today that Evan Hom, managing director in SunTrust CRE’s New York office, originated approximately $95 million for the refinance of two “Class A” multifamily properties located on the Gulf Coast of Florida. SunTrust CRE originated Fannie Mae Green Financing loans for both multifamily properties. The sponsor is a large REIT. Both transactions closed in August.
SunTrust originated a $48.49 million 10-year term loan with nine-years interest only followed by a 30-year amortization schedule for The Preserve at Henderson Beach, a 340-unit multifamily property located at 4131 Commons Drive West in Destin, Florida. The property is within walking distance of the beach and near Eglin Air Force Base. Built in 2009, the property features a mix of studios, one- and two-bedroom apartments. The Preserve at Henderson Beach was 97 percent occupied at time of close.
SunTrust CRE also originated a $46.345 million 10-year term loan with three-years interest only followed by a 30-year amortization schedule for ARIUM Gulfshore, a 368-unit property located at 5301 Summer Wind Drive in Naples, Florida. Built in 1986 and currently under renovation, the property features one- and two-bedroom apartments.
SunTrust continues to see strong investor demand for new long-term Agency debt to refinance the multifamily property supply in select areas across the Southeast. “Florida is a strong market for multifamily investments,” said Hom.
SunTrust CRE provides banking and capital markets solutions to commercial real estate developers, owners, and operators on a national and local basis through its Institutional, Regional CRE, Agency CRE and Real Estate Investment Banking businesses, as well as SunTrust Community Capital.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
