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

Miami /
Jul.July 29, 2017 02:00 PM

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 Apartments.com.


Related Articles

arrow_forward_ios
Dan Deitchman and Koby Assaraf with a rendering of Industry | Oakland Park

Oakland Park developer partners with former Link Real Estate exec on new firm

Oakland Park developer partners with former Link Real Estate exec on new firm
Renderings of the project (Group P6)

Group P6 lands $69M construction loan for Boca Raton project

Group P6 lands $69M construction loan for Boca Raton project
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Alex Sapir and Bella Sapir (Credit: Mark Von Holden/WireImage via Getty Images, and ADRIEL REBOH/Patrick McMullan via Getty Images)

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside

Alex Sapir’s family closes on condos at Sapir’s Arte in Surfside
Michael S. Liebowitz and Russell Galbut (Linkedin)

Russell Galbut and partner launch blank check company, plan to raise $100M

Russell Galbut and partner launch blank check company, plan to raise $100M
arrow_forward_ios

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

Loading...