Adam America Real Estate and Stellar Communities have secured a $35.1 million bridge loan to refinance Havens at Hickory Tree Reserve, a newly completed build-to-rent community in St. Cloud, Florida. The financing replaces the project’s construction loan and supports the partners’ long-term ownership strategy as demand for professionally managed rental housing grows across Central Florida.
Key takeaways
- CoreVest American Finance provided the $35.1 million bridge loan.
- Havens at Hickory Tree Reserve includes 134 townhomes in St. Cloud.
- Walker & Dunlop arranged the refinancing for the joint venture.
- The partners are expanding a broader Florida build-to-rent portfolio.
The refinancing follows the community’s completion earlier in the year and represents a significant transition from construction financing to permanent asset operations. The partners said the transaction reflects strong execution, successful leasing activity and continued investor interest in Florida rental housing.
Community offers townhome-style rental living
Located at 4896 Stellar Drive, Havens at Hickory Tree Reserve features two-, three- and four-bedroom townhomes. Monthly rents begin at approximately $2,463 for two-bedroom homes, according to the project announcement.
Amenities include a clubhouse, modern fitness center, resort-style pool, covered playground and a walking path around a nearby lake. Residents also have access to a lakefront dog park, adding to the community’s appeal for families and pet owners seeking single-family-style rental options.
Financing supports long-term ownership
CoreVest American Finance Lender provided the bridge financing, replacing the project’s original construction debt. Walker & Dunlop arranged the transaction for the Adam America–Stellar Communities joint venture.
Adam America CEO David Brickman said the refinancing reinforces the firm’s strategy of developing well-designed rental communities in high-growth Florida markets. Stellar Communities Managing Partner Larry Baum pointed to the property’s strong lease-up as evidence of demand for professionally operated build-to-rent housing in the Orlando region.
Partnership builds Florida pipeline
Havens at Hickory Tree Reserve is part of a broader collaboration between the two companies. The partners are nearing completion of Havens at Palm Bay Reserve, a 266-unit single-story casita community in Palm Bay. They previously completed Havens at Central Park, a 158-unit casita community in Port St. Lucie.
The projects expand the partners’ presence in Florida while giving renters alternatives between conventional apartments and homeownership. The build-to-rent model has attracted increasing attention from developers and investors seeking professionally managed housing in markets with population and employment growth.
Developers bring complementary experience
Adam America Real Estate, founded in New York City, has launched more than 40 ground-up development and renovation projects since 2009. Its portfolio includes multifamily, condominium, student-housing and build-to-rent properties. The company reports more than 5,750 completed residential units and an additional 1,600 units in its pipeline.
Founded in 2009, Stellar Communities focuses on land development, build-to-rent, multifamily and master-planned communities throughout Florida. The company has helped more than 3,000 families achieve homeownership and was recently ranked the No. 16 largest privately held homebuilder in the United States by HousingWire.
Sources
- Havens at Hickory Tree Reserve, Yield PRO.