Greenwall JV Lands $70M Refi for Florida Community
Bank of America provided the financing.
A joint venture between CDS International Holdings and Greenwall Capital Management has obtained a $70 million mortgage loan for Worthing Place, a 217-unit community in Delray Beach, Fla. Bank of America provided the loan that will help the ownership position the property for future growth.
Holland & Knight represented Bank of America, while the borrower arranged the deal in-house through CDS Legal Counsel Kapp Morrison. Greenwall manages the property.
The current ownership acquired the asset in November 2023 in an all-cash transaction. BlackRock was the previous owner, according to Yardi Matrix information.
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Located at 32 SE 2nd Ave., the 2010-completed multifamily property is close to Interstate 95 and is 9 miles from downtown Boca Raton, Fla. Downtown Fort Lauderdale, Fla., is within 29 miles.
Sitting on almost 3 acres, the six-story residential building has studio, one-, two- and three-bedroom floorplans ranging from 630 to 1,498 square feet, as well as 12,000 square feet of ground-floor retail space. Apartments feature private balconies or patios, as well as washers and dryers.
Common-area amenities include a sky terrace with grilling station, resident lounge, swimming pool with an adjacent putting green and about 400 parking spaces. The property also has a business center, clubhouse and fitness center.
Multifamily originations in the first quarter of this year increased by 39 percent compared to a year ago, according to a report by the Mortgage Bankers Association. However, there was a 41 percent decrease quarter-over-quarter, as uncertainty might disrupt the real estate sector.
