PALM BEACH, FL—New York Life is lending on Boca Raton, FL multifamily—$97 million on two deals in the last week alone. Walker & Dunlop just closed on the financing arrangements for apartment communities in the Palm Beach multifamily market.
W&D’s Paul Ahmed led the team that arranged the acquisition loans for the borrower. ARA Finance LLC, Walker & Dunlop’s joint venture with ARA, originated the loan for San Marco at Broken Sound. The firm closed both loans within 30 days of signature.
“We marketed these loans to a variety of lenders, including the agencies, and we saw a lot of interest and competition to win the deals,” Ahmed says. “Not only were the transaction amounts significant, but the properties are located in established locations in Boca.”
San Marco at Broken Sound is a 336-unit multifamily community. Eighty-two percent of the property is townhome units with direct access garages, marking a unique feature for a rental community in Florida. Mizner Court at Broken Sound is a 450-unit garden-style multifamily development that has seen extensive interior rehabilitation and upgrades to condominium finishes.
“The seller of San Marco had owned the properties for 20 years, which is not typical in the Florida market,” Ahmed says. “New York Life came through with the best terms for our client and we worked hard to close and fund the deals by the specified
The multifamily properties are located near Florida Atlantic University, the Broken Sound Country Club and major retail centers, Town Center at Boca Raton & Boca Village Square. Both properties offer class A typical amenities.