Summary:
- New Growth Living has obtained a $53 million refinancing loan for Tanzanite Homes, a 211-unit built-to-rent community in Sacramento, Calif., according to Yardi Matrix information. Lument provided the note, which is due 2029.
- Previous loans include a $50 million permanent note, which Arbor Realty Trust issued in 2024, the same data provider shows. Arbor also originated a $46 million construction loan for the project in 2021.
- Tanzanite Homes came online at 2490 Quiet Trail Lane in 2024, and was, at the time, the first build-to-rent development in Sacramento. Montgomery Street Partners and Rockpoint Group were also partners in the project.
Original article:
https://www.multihousingnews.com/exclusive-sacramento-btr-property-gets-53m-refi/
