Siguler Guff Closes on $11 Million Mezzanine Loan Alongside $23 Million Senior Loan from Benefit Street Partners to Refinance Waco, TX Apartments

NEW YORK and WACO, Texas, Sept. 15, 2025 /PRNewswire/ -- Siguler Guff & Company, LP ("Siguler Guff" or the "Firm"), a multi-strategy private markets investment firm with approximately $17 billion of assets under management, as of June 30, 2025, today announced it closed the direct origination of an $11.0 million mezzanine loan to Surge Investment Group to refinance construction financing of The Zoe, their newly-built 214-unit luxury apartment community in Waco, Texas, which has reached stabilized occupancy.

Siguler Guff's mezzanine loan was originated alongside a $23 million senior loan originated by Benefit Street Partners, a leading credit-focused alternative asset manager with strategies spanning the credit spectrum, representing the fourth financing package originated in partnership with Siguler Guff.

The Zoe consists of 214 apartment homes within five minutes of Baylor University and was developed by Surge Investment Group, a Utah-based development and construction company led by Paul Poteet and Dennis Richmond. The Group has entitled over 4,000 multi-family apartments and developed 928 apartments across seven markets.

Jose Mayoral, Vice President, Real Estate at Siguler Guff, said, "We are pleased to provide this flexible financing package to Surge Investment Group alongside Benefit Street Partners. Surge has demonstrated excellent execution on a high-quality apartment development that has been well received by the market."

The Zoe will be managed by Asset Living, a nationally recognized property manager overseeing more than 200,000 units.

About Siguler Guff
Siguler Guff is a multi-strategy private markets investment firm with approximately $17 billion of assets under management and 30 of investment experience. Siguler Guff seeks to generate strong, risk-adjusted returns by focusing opportunistically on market niches. Siguler Guff's core investment strategies include private credit and special situations, small business private equity, real estate and emerging markets. Siguler Guff's investment products include direct investment funds, multi-manager funds and customized separate accounts targeting specific areas of compelling opportunity. The dedicated Real Estate Team has invested nearly $3.5B of equity and debt into real estate assets since 2009 and maintains an average nine years of tenure with the firm. Siguler Guff's Real Estate Team targets senior, mezzanine, and preferred equity originations nationwide across asset classes with a focus on efficient execution, flexible structuring, and institutional borrowers. Founded in 1991 and headquartered in New York, Siguler Guff maintains offices in Boston, Hong Kong, London, Mumbai, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tokyo, Houston, TX, and West Palm Beach, FL. To learn more about Siguler Guff, please visit www.sigulerguff.com.

About Benefit Street Partners
BSP is a leading global alternative credit asset manager offering clients investment solutions across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans and commercial real estate debt. As of May 31, 2025, BSP, along with Alcentra, has more than $79 billion of assets under management, with 501 employees operating across North America, Europe and Asia Pacific. BSP is a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.benefitstreetpartners.com.

Siguler Guff Media Contacts
Jeffrey Taufield / Jennings Brooks,
Kekst CNC
[email protected] / [email protected]
212.521.4800

Benefit Street Partners Media Contact
Meghan Costello
[email protected] 

SOURCE Siguler Guff