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.”


The Palm Club Apartments offers 60 four-bedroom, two-and-a-halfbath townhome units. Community features include a swimming pool andsundeck, clubhouse, fitness center, lush landscaping, and sandvolleyball court. Unit features include a full appliance packageincluding dishwasher, built-in microwave, self-cleaning electricovens with recirculating vent, garbage disposals, and a full-sizewasher and dryer.

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