CBRE Capital Markets Arranges $70M for Multifamily in Fla.
- Apr 29, 2011
Sanford, Fla.—CBRE Capital Markets and Debt & Equity Finance group in Miami has facilitated $70 million in financing for four multifamily properties across Florida. The deals were completed by the team of Charles Foschini, vice chairman, Christopher Apone, vice president, and Christian Lee, vice president.
An amount of $24.7 million was arranged for Plantation Lakes, a 362-unit property located in Sanford, Fla. Amenities at the asset include garages, a pool, indoor basketball court, clubhouse, business center, fitness center and an indoor kids playroom. Terms of the fixed rate financing include a 7-year term, 30 year amortization and a favorable fixed interest rate.
CBRE Capital Markets also advised the placement of a $30 million bridge financing for Terrazas River Park Village, a 324-unit property in Miami, Fla. Terms of the floating rate financing include a 2-year term and interest only period.
The group also arranged acquisition financing of $11.9 million for Vintage at Plantation Bay, a 240-unit property in Jacksonville, Fla. Terms of the fixed rate financing include a 7-year term, 30 year amortization with one year of interest only and a 71 percent LTV.
Supplemental financing in the amount of $3 million was arranged for Lakes of Margate, a multi-family community totaling 280 units in Margate, Fla.
Bilzin Sumberg Baena negotiates $30M mortgage for former Miami condos
Miami — Bilzin Sumberg Baena Price & Axelrod LLP real estate partner, Carey A. Stiss, negotiated a $30 million first-mortgage loan on behalf of NXT Capital L.L.C. to AP WP Terrazas L.L.C., for a multifamily apartment project located along the Miami River.
NXT Capital is a mid-market lender with offices throughout the country, including Chicago and Atlanta.
As South Florida’s real estate market continues to gain momentum, particularly in the multi-family housing market, lenders and property owners are increasingly negotiating deals for solid, well-positioned projects.
Terrazas Riverpark Village, a 324-unit, Class A, two-building complex, is located near downtown Miami and was developed as a condominium with the intention of selling individual units. With the recent real estate market downturn, no units were actually sold to third-party buyers. The original developer lost the project to its lender, who sold the project to AP WP Terrazas LLC in 2010.
ARA New England brokers sale of development site
Wakefield, Mass.—ARA represented Biszko Contracting Corporation in the sale of Appleton Cliffs, a 4.1 acre site approved for the development of 128-units. The property sold for $2,510,000 to The Federated Companies, a national real estate investment group. Terence Scott, senior vice president with ARA New England, represented both seller and buyer.
“Demand for fully-approved multifamily development sites in the Metro-Boston marketplace is strong as rents rebound from the economic recovery,” says Scott.
Appleton Cliffs has full permission for the development of 114 garden-style and 14 townhouse-style apartment units. Comparable properties in the surrounding area have occupancies in the high 90 percentile range.