MIAMI—Palm Club Townhomes, LLC has secured a $7.8 million refifor Palm Club Apartments. The 60-unit multifamily community islocated in Lake Worth, FL.
CBRE first vice president Christopher Apone, vice chairmanCharles Foschini, and vice chairman Christian Lee arranged thedeal. Doral Bank of New York originated the floating-rate bridgeloan at an aggressive rate.
“This transaction involved a short-term, non-recourse loanstructure that was a more affordable alternative to our client'sprevious financing,” says Apone. “The loan provides the borrowerwith maximum flexibility to sell the asset within the next 12months. From the lender's standpoint, it illustrates the continuedappetite for quality multifamily assets in SouthFlorida and the emergence of unique, non-recourse loan options thatare neither CMBS or agency based.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
