CORAL SPRINGS, FL-Beach Hill Development Coral Springs Holdings LLC, which is a joint venture between Beach Hill Development and MP Realty Group, has obtained $54.8 million to acquire Eagle's Nest apartments and convert the complex into for-sale condos. The JV paid $46 million, or approximately $174,242 a unit, for the property.
Eagle's Nest consists of 11 three-story buildings on 13.4 acres at 11299 W. Atlantic Blvd. It contains 264 two- and three-bedroom units and is 95% occupied. The average unit size is 1,203 sf, and published rental rates range from $1,060 to $1,325 a month. Condo pricing has not yet been established.
Robert Kaplan, senior managing director, and Mark Rutherford, senior analyst in the Miami office of Holliday Fenoglio Fowler, arranged the financing. It consists of a $45-million, two-year adjustable-rate senior loan from Brea, CA-based Fremont Investment & Loan and a $9.8-million, 18-month mezzanine loan through Chicago-based Ritchie Capital Management.
"Rising costs of land and construction, paired with accelerated real estate appreciation, has priced many people out of the single-family housing market," Kaplan says. "This has created the strong condominium market and continued high demand for…condominium conversions."
Beach Hill, headed by Daniel Rotenberg and Gaby Naim, is a major developer and converter of condominium properties throughout South Florida. This August it acquired 364-unit Worthing MetroWest in Orlando for $49.1 million. MP Realty, headed by Michael Puderbeutel, owns and manages multifamily and retail properties, primarily in New York and New Jersey.
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