MIAMI—Multifamily is still showing its darling status in the capital markets. Advenir@Banyan just closed a $23.78 million acquisition loan for a 288-unit multifamily community in Boynton Beach, FL.
CBRE Debt & Structured Finance vice chairman Charles J. Foschini, in collaboration with his partners Christopher Apone and Christian Lee of the CBRE Capital Markets in South Florida, represented the borrower. Freddie Mac provided the seven-year loan, which is floating with an 80% loan-to-value ratio, at what CBRE described as “aggressive rates and terms.”
“Advenir is an exceptional value-add buyer and a select borrower for Freddie Mac,” Foschini says. “The loan's extended interest-only period and low floating rate will allow the borrower to both improve the property and recognize immediate cash flow for its investors.”
Completed in 1986, Banyan Lake Apartments is located at 1561 Stonehaven Drive. The multifamily community has visibility along Congress Avenue and direct access to both Interstate 95 and the Florida Turnpike.
“In the Southeast, we continue to experience healthy rent growth in most markets, with Atlanta continuing to be the largest and most interesting long-term play for most investors,” Kevin Finkel, executive vice president at Resource Real Estate, tells GlobeSt.com. “Houston remains one of the most compelling cities in the country, as it is leading job growth through its leadership in the rapidly growing US energy sector and in the medical sector.”
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