Developers of West Palm apartments take out $95M loan
The developers of a 316-unit apartment community in West Palm Beach just financed the property with a $95 million loan.
Sandler at Alta Lago, a company affiliated with the Ohio-based Associated Estates Realty Corp., took out the loan on its Vista Lago community at 3130 North Jog Road. The lender is not yet named in Palm Beach County property records.
Associated Estates built the community in 2002 after paying $4.3 million to acquire roughly 17 acres of residential land. Construction of Vista Lago’s 12 apartment buildings, clubhouse and lake wrapped up a year later. Contractors were brought in during 2005 to renovate the community, according to property records.
Associated Estates, through its affiliate Sandler, has taken out big loans on the community in the past: it signed a $24 million construction loan from Wachovia Bank in 2002, and another $5.12 million loan with National City Bank in 2005. Both were timed alongside construction work, though it’s not immediately apparent how the $95 million will be used.
Associated Estates, a real estate investment trust, was bought out by an affiliate of Brookfield Asset Management in a deal valued at $2.5 billion this month (which includes the assumption of debts), according to reports.
The trust’s website now states that its communities are managed by Fairfield Residential, which is majority owned by Brookfield, according to the company’s webpage.