Ares Real Estate closed a $107.5 million loan to refinance a two-property apartment portfolio located in the Dallas-Fort Worth and Philadelphia metropolitan areas, Commercial Observer reported. Sumitomo Mitsui Banking Corporation provided the debt facility.
The portfolio contains nearly 600 units across two residential assets built in 2017 and 2019. CBRE arranged the financing, with a debt advisory team composed of Tom Traynor, Tom Rugg, Peter Griesinger, Arman Samouk and Kayla Kaloostian representing the borrower.
Portfolio assets and specifications
The larger asset in the portfolio is Axis 110, located at 110 W CityLine Drive in Richardson, Texas. Completed in 2017, the community features 351 apartments situated adjacent to the Dallas Area Rapid Transit CityLine Station. The property includes 8,110 square feet of ground-floor retail space, along with residential amenities such as a swimming pool, a skyline terrace and a fitness center.
The second asset is Skye 750, located at 750 Moore Road in King of Prussia, Pennsylvania, approximately 20 miles northwest of Philadelphia. Delivered in 2019, the property encompasses 248 units. Property amenities at the suburban complex include a swimming pool, a health club, a coworking space, a fire pit, a dog park and a sauna.
What it changes for a closing
Cross-collateralized transactions crossing distinct state boundaries require closing teams to balance parallel legal frameworks, separate title policies, and local recording requirements under a single credit structure. For this debt placement, counsel had to manage real estate filings in both Dallas County, Texas, and Montgomery County, Pennsylvania, coordinating dual survey reviews, zoning diligence, and local tax structuring across two jurisdictions.
The presence of 8,110 square feet of ground-floor commercial space at Axis 110 introduces mixed-use closing requirements to an otherwise residential transaction. Lenders and borrower counsel must review retail lease agreements, obtain tenant estoppels, verify subordination provisions, and ensure property insurance schedules account for both multifamily and mercantile occupancies prior to loan funding.