Adam America, Stellar Communities Obtain $35.1-Million Refi to Buy Time for Florida BTR Sale

Features August 14, 2026| | Amy Wolff Sorter

Adam America Real Estate and Stellar Communities closed on $35.1 million in financing for the recently completed Havens at Hickory Tree Reserve in St. Cloud, FL.

The 36-month bridge loan, provided by CoreVest American Finance Lender LLC, replaces the property’s original construction financing from BHI and gives the joint venture time to stabilize and sell the 134-unit build-to-rent townhome property.

“If market conditions call for additional time, we have the option to refinance into a permanent loan,” Adam America Real Estate CEO David Brickman told ApartmentBuildings.com.

Brickman said Walker & Dunlop was selected to arrange the financing because of its strong track record and previous relationship with Adam America. The brokerage presented the joint venture with several financing options, including a restructuring of the existing loan. CoreVest was selected as the lender because it offered the most attractive terms.

Located at 4896 Stellar Dr., Havens at Hickory Tree Reserve began pre-leasing in the second quarter of 2025, with move-ins beginning in October. Brickman said the property is performing in line with the joint venture’s expectations.

The community offers two-, three- and four-bedroom townhomes, with rents starting at $2,463 per month. Amenities include a clubhouse and fitness center, a resort-style swimming pool, a covered playground, a walking path around the adjacent lake, and a lakefront dog park.

St. Cloud is approximately 25 miles southeast of Orlando. Brickman said the city offers the affordability, growth and quality of life that renters are seeking in Central Florida.

“We remain confident in the long-term fundamentals of the community and market,” he added.

Adam America and Stellar Communities continue to target higher-barrier-to-entry, supply-constrained markets with strong long-term fundamentals.

The joint venture is nearing completion of the 266-unit Havens at Palm Bay Reserve in Palm Bay, FL. It previously completed the 158-unit Havens at Central Park in Port St. Lucie, which was sold to Acre Management for $50 million.

“With Havens at Palm Bay Reserve also nearing completion, we’re proving this model can be successfully replicated across multiple Florida submarkets, reinforcing our confidence in expanding the Havens platform in high-growth markets,” Brickman said.

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Adam America, Stellar Communities Obtain $35.1-Million Refi to Buy Time for Florida BTR Sale

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout