Marc deBaptiste and Sean Williams of Boca Raton, FL-based Apartment Realty Advisors brokered the funding transaction for the class A property. Loan terms were not disclosed.
"Several equity sources competed to participate on this deal," Williams says. "They recognized the intrinsic value of Altman as an experienced developer and their ability to deliver class A product in an up-and-coming Melbourne apartment market."
DeBaptiste says "more institutional capital is finding its way into mid- and smaller-growth markets throughout Florida. Yields are equal, if not greater in these regions as compared to major MSAs."
GE Real Estate is a unit of GE Commercial Finance. GE Real Estate has assets of $30 billion and 30 offices throughout North America, Europe and Asia/Pacific.
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