Banyan Lake Apartments investor gets $24M loan

Banyan Lake Apartments
Banyan Lake Apartments

CBRE has arranged a $23.78 million loan for the acquisition of Banyan Lake Apartments.

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The 288-unit Boynton Beach apartment community, located at 1561 Stonehaven Drive, was purchased by Advenir@Banyan, a limited liability company headquartered in Aventura. Freddie Mac provided the seven-year loan.

“Advenir is an exceptional value-add buyer and a select borrower for Freddie Mac,” said Charles Foschini, a CBRE vice chairman, in a press release. “Working together with the CBRE sales team, we were able to aid the seller in the selection process and execute the loan in a timely fashion and with market-leading terms. 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.” – Christopher Cameron