Boynton Beach Apartment Complex Secures $26M Loan
This is a refinancing for the 226-unit multifamily property completed in 2018.
The owner of a 226-unit multifamily complex in Boynton Beach secured $26.25 million in refinancing for a young complex.
Real estate investor and manager Morguard secured the 10-year loan from Grandbridge Real Estate Capital LLC for Santorini Apartments on April 15, Palm Beach County records show. The loan breaks down to $116,150 per unit.
Santorini is a 2018-built two-building apartment complex with a garage on 3.35 acres southeast of Congress Avenue and Gateway Boulevard at 1645 Renaissance Commons Blvd.
Morguard, which owns Santorini and secured the financing through affiliate Morguard Santorini Apartments LLC, owns and manages $21.3 billion of assets in the U.S. and Canada, according to its website. the company invests directly in real estate and sponsors the publicly traded Morguard Real Estate Investment Trust and Morguard North American Residential REIT.
Services offered by a BB&T subsidiary Grandbridge include commercial and multifamily property capital markets financing, according to its website.
The multifamily market has been one of South Florida’s strongest, but it’s taking a hit from the coronavirus pandemic as laid off and furloughed tenants seek rent forbearance and the economy takes time to rebound.
With market uncertainty, developers are biding their time before embarking on new projects. This means lenders aren’t receiving financing requests for new construction, but refinancing of existing properties like Santorini is more likely.
Santorini offers one-bedroom units with rent ranging from $1,633 to $2,012 a month and two bedroom-units at $1,713 to $2,029 a month, according to its website.
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