Passco Cos. Obtains $78M for Florida Community

At the time of acquisition, Ocean Walk Apartments represented nearly half of the island’s multifamily inventory. Image courtesy of KeyBank Real Estate Capital

Passco Cos. has received $77.5 million in refinancing for Ocean Walk Apartments, a 297-unit community in Key West, Fla. KeyBank Real Estate Capital arranged the 10-year Fannie Mae loan that carries a 7-year, interest only period.

Passco acquired the property for $101.5 million from a partnership between Mast Capital and Rockpoint Group. The deal involved a $66 million Fannie Mae note, public records show.

The 1991-completed property went through interior upgrades from 2014 to 2017. The community consists of two three- and five-story buildings spread across 17.1 acres. Apartments are available in studio, one-, two- and three-bedroom floorplans ranging between 500 and 1,075 square feet. Units feature private balconies or patios, stainless steel appliances and granite countertops. Common-area amenities include a tennis court, swimming pool with an expansive sundeck, picnic area with grills, laundry facility, basketball court and dog park.

Located at 3900 S. Roosevelt Blvd., the garden-style community is 1.4 miles from Key West International Airport. A host of dining and retail options, including Overseas Market shopping mall and a Publix, are within 3 miles.

The KeyBank team which structured the financing on behalf of the borrower comprised Senior Banker Chris Neil and Mortgage Banker Caleb Marten.

Passco’s deals in the Sunshine State

Passco ended last year’s acquisitions with a bang, after purchasing a 300-unit multifamily property in Panama City Beach, Fla. Flournoy Properties sold that community for $92.5 million.

This year, the firm sold ParkCrest Landings, a 400-unit community in Bradenton, Fla., for $102 million. Other transactions include the sale of a 260-unit luxury asset to ECI Group. That Southwest Florida property came online in 2016.