MIAMI—Sample APTS, LLC has secured a $10.4 million refi on Palm Island Apartments. CBRE sourced and arranged for the commercial real estate loan on the 402-unit multifamily community in Pompano Beach, FL.
CBRE arranged a fixed interest rate below 4% for a 10-year term. CBRE’s Miami Institutional Group members Charles Foschini, Christian Lee and Christopher Apone provided the loan on behalf of Freddie Mac.
“The terms of the loan are a testament to the strength of the borrower and the skill of his entire management team,” says CBRE vice chairman Foschini, lead CBRE broker on this transaction. “This is just another occasion of an exceptional Freddie Mac execution for a seasoned, qualified operator.”
Located at 401 NW 34th Street, the multifamily community was built in 1974 and is 100% leased. Sample APTS acquired the asset in 2010.
Palm Island Apartments spans 13 two-story residential buildings on about 17 acres. Amenities include a clubhouse, a laundry facility in each building, swimming pool, two tennis courts, playground, and picnic areas.