The Chatham Square acquisition brings the Partnership’s total investment into Florida over the past year to over $330,000,000 and 1,200 units.
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.
The sale price equates to more than $291,000 per unit.
Newmark’s Senior Managing Director Scott Ramey and Associate Brad Downing represented the seller while Managing Directors Chris Caison and Josh Davis secured $48.1 million in bank financing for the transaction.
The Class A, 192-unit property spans four floors over 188,316 square feet and was purchased by Nuveen Real Estate.
Newmark’s Senior Managing Director, Ryan Moody represented the seller in the disposition. TerraCap was represented by Matt Williams and Kyle Schlitt of Newmark’s Debt & Structured Finance group in arranging financing for the acquisition.
BGC bought Newmark & Company last year for $63 million. CLICK ON THE HEADLINE FOR MORE ON THIS STORY
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