TODAY’S DEALS: Inland Acquires 146 Units in Florida
Inland Real Estate Acquistions buys a townhome development; and Greystone originates $6.7 million for a Florida acquisition.
Naples, Fla.—Inland Real Estate Acquisitions Inc. has completed the acquisition of Berkshire Reserve Townhomes, a 146-unit community located in Naples, Fla., for $15.9 million. The 2001-built asset features three bedroom, 2 ½-barthrooms townhomes that were 93 percent occupied at closing.
“The Berkshire Reserve Townhomes development benefits from a central location in Naples, recently voted one of 10 U.S. cities that are worth the cost-of-living by U.S. News & Wrold Report,” says Mark Cosenza, a vice president at Inland who facilitated the transaction. “The townhomes are around 25 minutes from the city center and the beaches, providing a perfect mix of quality-of-life and access to the attractions and amenities that have made Naples a prime draw for tourism.”
Greystone originates $6.7M for Florida apartments
Kissimmee, Fla.—Greystone has originated a $6.7 million loan for Ravenwood of Kissimmee, a 185-unit apartment community located in Kissimmee, Fla. The deal was brought to Greystone by David Metzger of Eastern Union Commercial and was completed by Andrew Ellis, originator in Greystone’s Rockville, Md., office. Greystone will service the loan provided through Freddie Mac’s Targeted Affordable Housing (TAH) Program.
“Greystone strives to offer our clients a robust set of options to meet their financing needs,” says Jeff Englund who leads the Affordable Housing group at Greystone. “Our long-standing relationship with HUD, Freddie Mac and Fannie Mae, and our range of CMBS and interim lending programs allow us to provide a full range of financing solutions across the nation.”
Ravenwood of Kissimmee is an Expiring Use Low Income Housing Tax Credits garden-style apartment project, comprised of one, two, and three-bedroom floor plans. A Land Use Restriction Agreement with the Florida Housing Finance Agency results in 100 percent of the units being restricted to households earning at or below 60 percent area median income.