Blackstone nabs $70M loan for Palm Beach Gardens rentals

Miami /
May.May 17, 2017 10:30 AM

About a month after buying the San Merano at Mirasol apartments in Palm Beach Gardens, the Blackstone Group has closed on a $69.78 million mortgage for the complex, property records show. 

New York-based Blackstone paid $103.6 million, or about $218,000 per apartment, for the 476-unit development at 100 Portofino Circle in April. Boston-based TA Associates Realty was the seller.

Records show a JLL multifamily entity provided the financing. The 30-acre property was completed in 2002 by Kolter Communities. The developer later marketed the high-end apartment complex as a condo conversion, but that failed to gain traction and Kolter sold San Merano at Mirasol to TA Associates.

Apartments range from 824-square-foot one-bedrooms to 1,543-square-foot one-bedrooms, according to the property’s website. Monthly rents range from $1,365 to $2,160. Amenities include a gym, business center, swimming pool, sand volleyball court, lounge, jogging trails and a piazza fronting a 2.6-acre lake. Units feature granite countertops, upgraded kitchens, washers and dryers, and hardwood-style floors.

Blackstone has about $32.2 billion in cash reserves to invest in global real estate, IPE Real Estate reported last month. And the private equity giant’s total real estate assets under management are worth about $101.2 billion, according to its most recent earnings report.

A Blackstone executive recently warned investors at a forum in Singapore that property returns will likely be lower over the next five years due to low interest rates and volatile stock and bond markets.


Related Articles

arrow_forward_ios
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
Jennifer Hyland, John Hackett and Pamela Liebman with the new office at 2000 PGA Boulevard in Palm Beach (Corcoran, Getty)
Corcoran opens Palm Beach Gardens office
Corcoran opens Palm Beach Gardens office
Gatsby FL president Babak Ebrahimzadeh and a rendering of 11200 RCA Center Drive in Palm Beach Gardens (LinkedIn/Babak Ebrahimzadeh, Gatsby FL, Getty Images)
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
Peters + Hyland's Jennifer Hyland and Illustrated Properties' Vince Marotta with 14958 Palmwood Road (Peters + Hyland Group, LinkedIn, Google Maps)
Developers Robert and Myron Miller buy flipped waterfront Palm Beach Gardens mansion
Developers Robert and Myron Miller buy flipped waterfront Palm Beach Gardens mansion
Dan Catalfumo with Renderings of Ritz-Carlton Residences, Palm Beach Gardens (Landing at PGA Waterway)
Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project
Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project
12203 Tillinghast Circle (Illustrated Properties)
Palm Beach Gardens mansion flips for record $22.5M, doubling in price in a year
Palm Beach Gardens mansion flips for record $22.5M, doubling in price in a year
Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
Lease roundup: The Gateway at Wynwood scores three new tenants
Lease roundup: The Gateway at Wynwood scores three new tenants
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...