TruAmerica and Oaktree Capital Secure $225.3M Refinance for Sun Belt Portfolio
Deal News | Jun 06, 2025 | TruAmerica Multifamily LLC
TruAmerica Multifamily and funds managed by Oaktree Capital Management have successfully refinanced a four-property portfolio in Florida and Arizona, consisting of 1,324 units, with a $225.3 million loan arranged by JLL Capital Markets. The loan, secured through an undisclosed national bank, is a testament to the favorable conditions in the current debt markets and the strength of the sponsoring entities. JLL Capital Markets led the arrangement, bringing multiple competitive execution options to secure the final terms, which include a competitive spread, full-term interest only, and flexible prepayment provisions. The properties included in the portfolio are the Arbors at Carrollwood in Tampa, Alcove Orlando and Audubon Park in Orlando, and Luxe Scottsdale in Scottsdale. These areas represent significant investment destinations due to their growing renters’ markets. The properties were initially acquired in transactions worth $287.9 million in total. This refinance will support continued value-add initiatives, enhancing property features and amenities to attract prospective tenants.
Sectors
- Real Estate Investment
- Financial Services
Geography
- United States – The article primarily revolves around real estate properties located in Florida and Arizona, states in the United States.
- Florida – Several properties mentioned in the article, including Arbors at Carrollwood and properties in Orlando, are located in Florida.
- Arizona – The Luxe Scottsdale property is located in Arizona, forming part of the portfolio involved in the refinancing.
Industry
- Real Estate Investment – The article discusses refinancing activities involving significant real estate assets, a core aspect of real estate investment operations.
- Financial Services – The refinancing arrangement orchestrated by JLL Capital Markets highlights the financial services industry, particularly within the scope of debt markets and loan structuring.
Financials
- $225.3 million – Amount of the loan refinanced for the four-property portfolio.
- $287.9 million – Total amount of the initial acquisition of the properties in the portfolio in July 2022.
- $99.8 million – Acquisition cost of Arbors at Carrollwood by TruAmerica in August 2022.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TruAmerica Multifamily LLC | Target Company | Company | Real estate investment firm involved in acquiring and managing multi-family properties. |
| Oaktree Capital Management | Co-Investor | Company | Global asset management firm providing innovative investment solutions across different asset classes. |
| JLL Capital Markets | Loan Arranger | Company | Real estate services company facilitating the refinancing and structuring of the loan for the portfolio. |
| Harbor Group International | Selling Company | Company | Previous owner of the properties in the portfolio, sold to TruAmerica and Oaktree Capital. |
| Robbins Property Associates | Previous Owner | Company | Former owner of the Arbors at Carrollwood, sold the property to TruAmerica. |