MIAMI—Palm Club Townhomes, LLC has secured a $7.8 million refi for Palm Club Apartments. The 60-unit multifamily community is located in Lake Worth, FL.
CBRE first vice president Christopher Apone, vice chairman Charles Foschini, and vice chairman Christian Lee arranged the deal. Doral Bank of New York originated the floating-rate bridge loan at an aggressive rate.
“This transaction involved a short-term, non-recourse loan structure that was a more affordable alternative to our client's previous financing,” says Apone. “The loan provides the borrower with maximum flexibility to sell the asset within the next 12 months. From the lender's standpoint, it illustrates the continued appetite for quality multifamily assets in South Florida and the emergence of unique, non-recourse loan options that are neither CMBS or agency based.”
The Palm Club Apartments offers 60 four-bedroom, two-and-a-half bath townhome units. Community features include a swimming pool and sundeck, clubhouse, fitness center, lush landscaping, and sand volleyball court. Unit features include a full appliance package including dishwasher, built-in microwave, self-cleaning electric ovens with recirculating vent, garbage disposals, and a full-size washer and dryer.
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