Todd F. Cohen, manager of the local office of Atlanta-based Primary Capital Advisors, arranged the 90% loan-to-value financing package on all acquisition and redevelopment costs at the property. Cohen brokered the loan with a specialized commercial real estate division of Merrill Lynch Business Financial Services Inc.
"The loan permits the facilitation into a for-sale condominium project, should they choose to take it in that direction" at a future date, Cohen tells GlobeSt.com. American Realty bought the property from Cloisters of Countryside Ltd., an affiliate of Neal Communities of Bradenton. "The cap rate was about 7%, based on the current operation as an apartment complex," Cohen says.
The average size of the units is 950 sf. The property has 45 one-bedroom units, 107 two-bedroom units and 16 three-bedroom units. The average asking base rent range is $650 to $850 per month.
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