Ed Morse scores $114M refinance for 10 Florida dealerships

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

TRD 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
Luxury Imports at 900 East Sunrise Boulevard

Fort Lauderdale luxury auto dealership allegedly built without landlord’s consent: lawsuit

HGreg Auto and the former Toyota dealership (Credit: HGreg, Google Maps)

HGreg finds a spot in West Palm Beach at former Toyota dealership

Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

arrow_forward_ios