The Real Deal Miami

Broward apartments score $17M for renovations

Complex was first built in 1987
The Coral Falls apartments in Coral Springs

The Coral Falls apartments in Coral Springs

The owners of an apartment community in Coral Springs just scored $17 million in financing for a renovation program.

The apartment community is called Coral Falls, and it’s located at 2801 Northwest 91st Avenue. It houses 190 units and was first built in 1987, according to Broward County property records.

In 1992, a company named CF Partners LTD. purchased the community for $5.9 million. The sellers, a Pennsylvania company managed by Donald McKinney and William Ringham, took a stiff loss on the $11.22 million they originally paid in 1989.

Elliott Throne and Josh Simon of HFF

Elliott Throne and Josh Simon of HFF

Elliott Throne and Josh Simon of commercial brokerage HHF announced Monday that they arranged the $17 million in financing on behalf of the owners, CF Partners and Iron River Management, to continue a renovation program for the community.

The funds were issued by Freddie Mac’s Capital Markets Execution program.

Coral Falls has a newly built fitness center, swimming pool, tennis court, playground and a car wash station. The complex’s units average 1,029 square feet in size. Records show that the owners have re-roofed the 19-building property and repaved its pool since they first purchased it.