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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
July 29, 2017 02:00PM

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 Apartments.com.