BOYNTON BEACH, FL-Time Equities Inc. has obtained just under $35.4 million in acquisition/bridge financing for Gulfstream Harbor, a 160-unit apartment complex at 611 SE 15th Ave. The New York City-based privately held real estate company plans to renovate the rental property, which was built in 1975, for condo conversion.
The property consists of five four-story buildings on five acres fronting the intracoastal waterway. Keith Braddish, senior director, and Jason Gaccione, associate director of the CBRE Melody office in New York, arranged the financing through the Atlanta office of Fremont Investment & Loan, which is the office that covers South Florida. Greg Newman and Lance Thurman represented Fremont in the transaction.
Braddish tells GlobeSt.com, "the funding represents between 80% and 85% of the overall capitalization of the project, including acquisition and renovation," which would put Time Equities' investment at between $41.6 million and $44.3 million. "The loan is interest-only for a three-year term," Braddish says without disclosing the rate.
"It's a great opportunity to turn a class B multifamily property into a luxury condominium offering," he adds. Occupancy of the asset is currently north of 90%, and the complex includes a pool, fitness center and picnic area on the intracoastal. It is within walking distance of the beach. The seller is an unidentified private investor.
Time Equities owns more than 3,500 residential apartment units and is a seasoned condo converter. In all, it owns more than 15.5 million sf of property in 23 US states and three Canadian provinces. The portfolio includes office, industrial and retail space in addition to multifamily properties. A call to Phillip Gesue of Time Equities was not returned by deadline.
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