A 248-Unit King of Prussia Apartment Building Just Got Refinanced for $107.5 Million
SMBC provided the loan on Skye 750 as part of a nearly 600 unit package that also covers a Dallas area property, arranged through CBRE's debt advisory team.
Ares Real Estate secured a $107.5 million loan from Sumitomo Mitsui Banking Corporation to refinance two apartment properties, Commercial Observer reported. One is Skye 750 at 750 Moore Road in King of Prussia, a 248 unit building completed in 2019. The other is Axis 110 in Richardson, Texas, a 351 unit property next to a Dallas Area Rapid Transit station. CBRE's global institutional debt advisory group, led by Tom Traynor, Tom Rugg, Peter Griesinger, Arman Samouk and Kayla Kaloostian, arranged the financing.
Pairing a King of Prussia asset with a Dallas one in a single loan is its own signal. Lenders package properties together when they want geographic and tenant diversification in one loan, which means Skye 750 is getting priced and underwritten alongside a transit anchored Texas property rather than as a standalone King of Prussia deal.
King of Prussia's apartment story keeps compounding. Renter share there climbed from 41% to 52% in five years, and now a 2019 vintage building at Skye 750 just landed a fresh $107.5 million capital event. If you're holding multifamily or planning to build it in this submarket, this refinance is one more data point that institutional lenders still want exposure here, even while spreading the risk across two states.
Source: Commercial Observer
Why it matters
A 248 unit King of Prussia building just refinanced for $107.5 million as part of a two state package. Institutional capital is still underwriting this submarket, worth knowing before you negotiate a multifamily sale or recap here.
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