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Sep. 27, 2012

Prudential Mortgage Provides $10.5M Loan for Palatine Acquisition

By Georgiana Mihaila, Associate Editor

Prudential Mortgage Capital Co. has originated a $10.5 million Fannie Mae loan for an affiliate of Palatine Capital Partners Management LLC to finance its purchase of The Villas at Dames Point Crossing apartment community.

Originally constructed in two phases as condominiums between 2006 and 2007, the owner opened the complex as a rental following the 2008 U.S. financial crisis. The Villas, which remains titled as a condominium, is the newest community constructed in the Arlington submarket of Jacksonville and is more than 90 percent occupied. The 180-unit apartment community is located near I-295. It is close to local beaches, the airport, downtown Jacksonville, Mayport Naval Station and the Southside office market.

“As one of the newest properties in this area, its high occupancy, potential for future condominium sales and its proximity to key area office, recreational and shopping areas made this transaction extremely attractive to us,” said Brian Salyards, a principal with Prudential Mortgage Capital, who originated the transaction. “We look forward to continuing our relationship with Palatine Capital Partners Management.”

Palatine Capital’s founder and managing partner Alex Hurst admitted that the execution of the transaction was a highly complicated one which transpired over many months. The Villas at Dames Point Crossing’s purchase represents a step towards continuing to grow the firm’s footprint in Florida and the Southeast.

Palatine Capital Partners Management is a private real estate principal firm focused on situational asset level investing in the United States. Palatine specifically pursues opportunistic equity investments in apartment properties and acquires performing and non-performing whole loans nationwide in every asset class. Since inception in 2007, Palatine has acquired interests in over $715 million of assets, including over 3,500 apartment units, 265,000 square feet of commercial space and 20 whole loans.

Image via http://www.villasatdamespoint.com