ST. CLOUD, FLA. — Adam America Real Estate and Stellar Communities have obtained a $35.1 million construction takeout loan for Havens at Hickory Reserve, a newly completed 134-unit townhome build-to-rent community in St. Cloud, about 30 miles south of Orlando. The joint venture secured the financing through lender CoreVest Finance. Walker & Dunlop arranged the loan. Stellar is an Aventura, Florida-based developer, while Adam America Real Estate also is a development firm and is headquartered in New York City.
Located at 4896 Stellar Drive, Havens at Hickory Tree Reserve offers 134 two-, three- and four-bedroom townhomes. Asking rents start at approximately $2,463 per month for the two-bedroom units. The community features a clubhouse with a fitness center, resort-style pool, covered playground, walking path surrounding the adjacent lake and a lakefront dog park.