Panama City-Area Community Lands $5M Refi
- Apr 20, 2018
Arbor Realty Trust Inc. has secured a $5.2 million CMBS loan for the refinancing of Lynn Haven Cove, a 151-unit community in Lynn Haven, Fla., under Arbor’s CMBS Program. The deal provides a 10-year fixed term with a 30-year amortization plan. According to Yardi Matrix, the property is 91 percent occupied.
Located 905 W. 26th St., the one-story property features 76,417 rentable square feet and was previously subject to a $3.8 million loan held by Standard Insurance Co. Situated near Panama City, the pet-friendly community spreads across a 9-acre site and features remodeled studios, one- and two-bedroom rentals in a park-like setting. Common-area amenities include:
- laundry facilities
- fitness center
- business center
- emergency maintenance
- extra storage spaces
- barbecue areas
- 171 parking spaces
“Thanks to solid sponsorship and creativity from the Arbor team, we were able to successfully close an aggressive refinance loan for a multifamily manufactured housing complex,” said James Fiesel, originator at Arbor Realty Trust Inc., in a prepared remark.
The community is located 15 minutes from the beach and offers easy access to Lynn Haven Parkway, Martin Luther King Jr. Boulevard and U.S. Highway 98. Gerlecz Dentistry, Pro Floor Plus, Lynn Have Shopping Center and Walmart are all located nearby.
Image courtesy of Yardi Matrix