Ed Morse scores $114M refinance for 10 Florida dealerships

Loan assumes and adds to a $95M mortgage from 2015

Miami /
Mar.March 12, 2018 12:30 PM

Ed Morse Cadillac of Delray Beach (Credit: DealerRater.com)

UPDATED March. 12th, 3:35 p.m.: Auto titan Edward “Teddy” Morse III just scored $114.3 million in financing for 10 of his dealerships in Florida.

Midvale, Utah-based Ally Bank is the lender, according to property records. The bank assumed a $95 million mortgage from Bank of America in 2015 and increased the loan to $114.3 million. It covers dealerships in Brandon, Tampa, Lakeland, Port Richey, Delray Beach, Riviera Beach, Fort Lauderdale, Sunrise and Lake Park.

“The timing was right, with rates on the rise, to lock in a fixed rate,” Teddy Morse, Chairman and CEO of Ed Morse Automotive Group said via email. He added the company is planning to expand.

After his father’s death in 2016, Morse took over his family’s dealership company, founded by his grandfather in 1963. In 2016, the company recorded $1.3 billion in sales, making it one of the largest car dealers based on sales volume.

In January, Terry Taylor, head of Daytona Beach-based Automotive Management Services, picked up a dealership in Royal Palm Beach for $44.7 million. A month before, Orlando-based Greenway Automotive Group, paid $6.2 million for a warehouse near Deerfield Beach.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
arrow_forward_ios

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

Loading...