FLF Holdings Buys FL Asset for $111M
- Mar 16, 2018
FLF Holdings has acquired Carlton Arms of Bradenton, a 900-unit, garden-style community in Bradenton, Fla., for $110.5 million. HFF secured a $76 million, 10-year, fixed-rate loan through Freddie Mac’s Capital Markets Execution (CME) program on behalf of the buyer, for the acquisition of the property. The company also marketed the sale of the asset on behalf of the seller, a joint venture of The Mahaffey Co. and Brighthouse Life Insurance Co. Additionally, MetLife Investment Management advised Brighthouse on the transaction.
Located at 5200 Riverfront Drive, Carlton Arms occupies 98 acres on a peninsula overlooking the Braden and Manatee Rivers, within 10 minutes of Interstate 75, which also provides access to Tampa. The 78-building community comprises a mix of studio, one-, two- and three-bedroom apartments, averaging 880 square feet, featuring water views, outdoor patios or balconies. Carlton Arms also features 12,519 square feet of commercial space. Communal area amenities include:
- two waterfront pools
- two lighted tennis courts
- two basketball courts
- two clubhouses
- fitness room
- on-site dog park
- guest suites
- covered parking
- five boat docks containing 50 boat slips
“The borrower benefitted from a very aggressive Freddie Mac financing structure within the Green Up program that will allow them to effectively execute their renovation strategy on an asset that provides a truly unique waterfront lifestyle to its residents,” said Elliott Throne, managing director at HFF, in prepared remarks.
HFF’s investment advisory team included Senior Managing Director Matt Mitchell and Director Zach Nolan, while Throne represented the firm’s debt placement team.
Image courtesy of Yardi Matrix