Bridge loan finances $20.65M acquisition of rental apartments

Carabetta Companies used the two-year loan to finance a 271-unit property purchase in Palm Bay

Jul.July 29, 2017 02:00 PM

The Pavilions at Monterey in Palm Bay

The buyer of a 271-unit rental apartment property in Brevard County landed a bridge loan to finance 83.5 percent of the purchase price.

Connecticut-based Carabetta Companies bought the Class B apartment property in Palm Bay, called Pavilions at Monterey, for $20.65 million.

Carabetta got a $17.25 million bridge loan to finance the acquisition from New York City-based real estate lender Greystone. Leor Dimant in Greystone’s New York office originated the loan.

The two-year bridge loan will allow Carabetta to rehabilitate and stabilize the Pavilions at Monterey while it secures a permanent, fixed-rate HUD loan on the property through Greystone. Carabetta ranks as one of the largest borrowers from HUD (the U.S. Department of Housing and Urban Development).

Built in 1985, the Pavilions at Monterey has two swimming pools, poolside Wi-Fi, covered barbecue and picnic areas, a fitness center, basketball court, tennis court and volleyball court, according to website

Related Articles

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan