The Real Deal Miami

RADCO uses $31.7 million loan to buy 336-unit rental complex

The Atlanta-based firm obtained acquisition financing for the Central Florida property through Cushman & Wakefield
October 21, 2017 01:00PM

The Reflections Apartments complex in Casselberry, which was renamed Radius Winter Park.

Atlanta-based RADCO Companies got a $31.7 million loan to acquire a 336-unit apartment property in Casselberry in Central Florida.

The loan-to-value ratio was 70 percent, indicating that RADCO paid $45.3 million for Reflections Apartments, or about $135,000 per unit.

RADCO plans to spend almost $5 million on improvements to the property, which has been renamed Radius Winter Park.

Built in 1984, the Casselberry apartment property has amenities including a clubhouse, swimming pool, barbecue area, business center, playground and gym.

In the sale of the apartment property, Jay Ballard and Ken Delvillar of Brokerage firm Cushman & Wakefield represented the seller, GoldOller Real Estate Investments.

Cushman & Wakefield’s equity, debt and structured finance unit secured the acquisition financing on behalf of RADCO.