CBRE Investment Management Closes $74.6 Million Mortgage Loan For Multifamily Community
Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.
Matt Williams and Kyle Schlitt of Newmark arranged the loan on behalf of TerraCap.
The asset totals 348,801 square feet and features a mix of studio, one-, two-, and three-bedroom units with an average unit size of 991 square feet.
Cushman & Wakefield’s Mike Donaldson and Nick Meoli represented the seller in the transaction.
Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills, California-based Cores Management, Inc.
So far this year, American Landmark has acquired more than $1.3 billion in apartment communities throughout the Sunbelt states of Texas, Florida, Georgia, and North and South Carolina, and has a significant presence in the Florida metros of Orlando, Tampa, Jacksonville and South Florida.
Blue Osceola Apartments, LLC, an affiliate of Miami-based Waterstone Capital, acquired the property from an undisclosed seller for $11.45 million.
The project will include 330 residential units, more than 15,000 square feet of commercial space and 145 boat slips, as well as dockside restaurants and a tiki bar.
Michael Regan, Francesco Carriera, Jeff Gray, and Chip Wooten with CBRE represented both the buyer and the seller in the transaction.
The Class A property near Disneyworld is the first multifamily acquisition for the company.
The firm has already hired more than 50 new agents to serve the local market.
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