Phillips Realty Capital has secured a $19.1 million loan on behalf of BG Capital Management for the acquisition and renovation of Landmark at Waverly Place in Melbourne, Fla. Ares Management provided the bridge loan. The acquisition financing was structured by Phillips Realty Capital’s Managing Director Adam Bieber.
BG Capital Management will execute an upgrade of 88 rental units over the next two years. The other 120 units have already been upgraded with black appliances (27 with faux wood floors), generating rent premiums.
“This property has great potential and we look forward to investing in upgrades that align with the expectations of tenants in this market,” said Richard Koch, managing member at BG Capital Management, in a prepared statement. “Phillips helped potential lenders understand the value of the asset, as well as the added value of our investment strategy and management style.”
Located at 2395 Woodwind Trail, the 208-unit, garden-style community features one-, two and three-bedroom floor plans.
Employers including Harris Corp., Lockheed Martin, Embraer, Blue Origin, Space X and Northrop Grumman are located nearby. The Melbourne International Airport is also within close distance. Amenities include a resort-style lakeside pool, clubhouse, fitness center, playroom, poolside kitchens, business center and a dog park.
Earlier this year, Phillips Realty secured $31 million in financing for a mixed-use project in Philadelphia.
Image courtesy of Phillips Realty Capital