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ORLANDO-Four garden-style apartment complexes with a combined total of 1,010 units have received $37.7 million in financing from Vienna, VA-based Bulls Capital Partners LLC.

The loans were completed on behalf of a limited liability corporation consisting of LaSalle Income and Growth Fund IV, an institutional fund managed by LaSalle Investment Management and Affirmative Equities Co. LP, a multifamily investment and development company. The financing transactions were $8.55 million for Misty Oak Apartments, $11.92 million for the Reserve at Rosemont I and $7.47 million for the Reserve at Rosemont II, all located in Orlando. The Landings at Palm Bay in Melbourne received $9.76 million in financing.

Affirmative Equities contracted to buy the properties and teamed up with LaSalle Investment Management to complete the transaction. Dave Hendrickson, senior vice president of Jones Lang LaSalle, originated the loan on behalf of LaSalle Investment Management, represented by managing director Jim Hutchinson. Douglas Westfall represented Bulls Capital Partners in the transaction.

“In this instance the financing was, in essence, acquisition financing. LaSalle used funds to take control of the project with an all-cash transaction. These loans were a recapitalization of that financing,” Bulls Capital Partners LLC president and CEO Herman Bulls tells GlobeSt.com.

Built in 1983, the 251-unit Misty Oaks consists of 21 two-story buildings. The Reserve at Rosemont I and II make up two neighboring properties with a combined 488 units and were built in 1984 and 1985 respectively. The Reserve at Rosemont I consists of 344 units in 19 three-story buildings and the Reserve at Rosemont II consists of 144 units in 10 two-story buildings. Built in 1985, the Landings at Palm Bay consists of 271 units in 19 two- and three-story buildings.

Bulls says the owners have substantial capital improvements planned for the properties, which are under way. “This is a repositioning play of the assets,” Bulls says.

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