FORT MYERS, FL-Locally based BTS Development Corp. has paid nearly $79.6 million, or $195,000 a unit, for Monterrey Apartments. The luxury garden-style multifamily property is on 39.8 acres at 15250 Sonoma Dr. on the north side of Summerlin Road. The seller is Benchmark Properties, which is based in Canada.
Jamie May, chairman and CEO of Naples-based JBM Realty Advisors, who brokered the deal, says that, according to Real Capital Analytics, this is the highest absolute price for a condo conversion asset ever recorded in Lee County. Matthew Texler, VP, and Andy Weiss, managing director of the Bethesda, MD office of New York City-based Meridian Capital Group LLC, arranged funding for the acquisition and conversion.
The financing consisted of a $69-million first mortgage from Chicago-based Corus Bank and an $8.7-million mezzanine loan from JPS Capital Partners, which is based in New York City. Texler says the rate is Libor-based, interest-only, over a 24-month term with renewal options. He tells GlobeSt.com it represents 85% of the total acquisition and conversion costs, which would put the total cost at just above $91.4 million.
The Monterrey complex contains 17 three-story buildings. It was completed in 2001 and is 100% occupied. Units average 1,185 sf under air. According to published listings, the rental rates range from $855 a month for a one-bedroom to $1,225 a month for a three-bedroom unit.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
