Stewards refinances Block 40 property with USD 69 million senior secured loan from VMC CRE Master Lending Upper REIT
SWRD•Stewards closes refinancing for Block 40 / 1818 Park
Stewards subsidiaries closed a USD 69 million senior secured loan on July 24, 2026 to refinance the Block 40 / 1818 Park multifamily property.
- The senior loan was amended and restated with no new principal advanced; pricing was set at Term SOFR + 3.5%, stepping down to Term SOFR + 3%.
- A USD 10 million mezzanine loan closed alongside the senior facility, secured by a pledge of equity interests in the mortgage borrower.
- The mezzanine loan carries Term SOFR + 12% with a 14.5% floor, stepping to Term SOFR + 10.5% with a 14% floor.
- Both loans mature Aug. 7, 2028 with three one-year extension options; each includes 1% origination and exit fees.
