Senior debt and mezzanine loan secured for Investor Sundance Bay across Grove East and Rowlett Station multifamily properties

Cushman & Wakefield announced today that the firm's Texas Equity, Debt & Structured Finance (EDSF) team arranged $95.74 million in total financing for a 626-unit, two-property multifamily portfolio on behalf of borrower Sundance Bay. The financing package consists of $76.24 million in senior debt provided by Benefit Street Partners and a $19.5 million mezzanine loan through CCL Capital.

The portfolio includes Grove East, a 324-unit Class A garden-style community built in 2021 and located at 9300 N. Sam Houston Pkwy E. in Humble, Texas, and Rowlett Station, a 302-unit Class A mid-rise community also built in 2021 and located at 3601 Melcer Drive in Rowlett, Texas. Both properties were subject to Housing Finance Corporation (HFC) income restrictions, which added a layer of regulatory complexity to the transaction and required coordination across both the senior and mezzanine loan components simultaneously.

Chase Johnson, Managing Director, and Caleb Riebe, Senior Associate, led the EDSF team on the transaction.

The team received support from Cushman & Wakefield's Houston Multifamily Advisory Group, led by Jennifer Campbell and Josh Hoffman, on Grove East, and from the Dallas-Fort Worth Multifamily Advisory Group, led by Grant Raymond and Asher Hall, on Rowlett Station, and Richard Kourbage of Greystone.

“This was one of the more structurally involved deals we've worked through in recent memory,” said Johnson. “Between the HFC consent requirements on both assets, bifurcating the capital stack across a senior lender and a mezz lender simultaneously, and doing all of it in a complex credit environment, there were a lot of moving parts. Sundance Bay was a great partner throughout the process, and we're proud of the execution.”

Grove East sits adjacent to Houston's Generation Park, a 4,300-acre master-planned development that anchors one of the region's fastest-growing employment corridors. The property was 93% occupied at closing and carries meaningful mark-to-market rent upside following potential removal of HFC rent restrictions. Rowlett Station is a transit-oriented asset positioned directly adjacent to the Downtown Rowlett DART Blue Line station, offering residents direct rail connectivity to Downtown Dallas. The property was 92% occupied at closing with in-place rents trailing comparable properties in the submarket, providing a clear operational upside path as Sundance Bay executes its business plan.

Access the following links to download images of:

• Grove East
• Rowlett Station

About Sundance Bay

Founded in 2012, Sundance Bay is a Salt Lake City-based real estate investment firm that partners with investors seeking experience, integrity, and consistent long-term growth. The firm specializes in debt, multifamily equity, and net lease investments in middle markets throughout the Mountain West and Sunbelt regions. As owner-operators, Sundance Bay draws on a vertically integrated team to identify and act on opportunities in U.S. growth markets that are often overlooked by other institutional investors, sourced through a proprietary research and risk review process. For additional information visit www.sundancebay.com.

About CCL Capital

CCL Capital is a New York-based private credit platform focused on providing structured capital solutions for multifamily and other housing-adjacent real estate assets. The firm provides mezzanine debt, preferred equity and related structured debt and equity solutions with experience closing behind Fannie Mae, Freddie Mac, HUD, banks, debt funds and other senior lenders. The firm combines in-house underwriting, structuring, closing coordination, and asset management to deliver responsive execution, flexible capital structures, and certainty of funding for sponsors and senior lenders. For additional information, visit www.cclcapital.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

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"Between the HFC consent requirements on both assets, bifurcating the capital stack across a senior lender and a mezz lender simultaneously, and doing all of it in a complex credit environment, there were a lot of moving parts," said Chase Johnson.