North Fort Lauderdale Community Lands $39M Refi

New York Community Bank provided the variable-interest mortgage to the borrower, which acquired the 300-unit Class B asset in 2014.
Windsor Forest Apartments.
Windsor Forest Apartments. Image via Google Street View

KPC Properties has taken a $39.4 million refinancing package for Windsor Forest Apartments, a 300-unit Class B community near Fort Lauderdale, Fla., according to public records. New York Community Bank originated the mortgage, which bears a variable interest rate over its 10-year term. Yardi Matrix shows the loan retires a previous, $29.9 million Fannie Mae loan from 2016.

KPC acquired Windsor Forest in August 2014 for $22.5 million from The Lynd Co., per Yardi Matrix data, financing the purchase with a $19.5 million loan from Arbor Realty Trust. Located at 250 W. Sample Road in Pompano Beach, Fla., the community’s six buildings are alongside Interstate 95, 35 miles north of central Miami. Windsor Forest is 3 miles from a 249-unit luxury asset which changed hands in August for $58.5 million.

Built in 1974, Windsor Forest has one- and two-bedroom units, with 800- and 1,000-square-foot floorplans. Community amenities include a fitness center, two swimming pools, a playground and a barbecue area. The property was 95 percent occupied in November, according to Yardi Matrix. The owner’s portfolio includes upwards of 1,500 units, all located between Fort Lauderdale and West Palm Beach.