RADCO Secures $32M for FL Community
Reflections Apartments in Casselberry, Fla., includes 336 units. The company plans to invest $5 million in capital improvements.
By Jeffrey Steele
Cushman & Wakefield secured $31.7 million in financing on behalf of The RADCO Cos. for the acquisition of Reflections Apartments in Casselberry, Fla.
The community has been rebranded under the name Radius Winter Park. The RADCO Cos. intend to invest almost $5 million in capital improvements to the community.
Located at 100 Reflections Circle in Casselberry, the 33-year-old, 336-unit Radius Winter Park features a clubhouse, swimming pool, barbecue area, covered parking, playground, fitness center, complimentary fitness classes, business center and 24-7 clothes care center. The community’s one- and two-bedroom apartments offer open floor plans, lake views, wood-look flooring and screened patios, among other features. Apartments range in size from 460 to 998 square feet.
The community is convenient to an array of parks and recreational opportunities in the Altamonte Springs-Winter Park area.
Future potential
“RADCO was performing a deep value-add strategy at the property,” Cushman & Wakefield executive managing director Mike Ryan told MHN. “And Cushman & Wakefield worked with the company to educate lenders on the future potential income once the renovations were complete.”
Along with Ryan, Brian Linnihan, Richard Henry, Robert Kaplan and Chris Lentz of Cushman & Wakefield’s Equity, Debt & Structured Finance practice secured the 70 percent LTV, floating-rate bank loan.
Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the investment-sale transaction.
The transaction represents The RADCO Cos. seventh Florida property acquisition. In the last five years, the Debt and Structured Finance practice of Cushman & Wakefield has financed more than 200 deals valued at more than $28 billion.
