Buyer borrows $66M to finance a six-pack of Florida apartment properties

Meridian Capital Group arranges Freddie Mac loans for Blue Roc Premier to buy the six-property portfolio

Miami /
May.May 26, 2018 02:30 PM

Seth Grossman

A buyer got $66 million of loans to acquire six rental apartment properties in Florida.

Tampa-based Blue Roc Premier Properties LLC  financed the acquisition of apartment properties with a total of 1,010 units and an average occupancy rate of 97 percent.

Blue Roc got seven-year Freddie Mac loans from Capital One Multifamily Finance to acquire the six-property portfolio.

Blue Roc obtained a separate loan for each of the six properties. The loans all have floating interest rates ad two years of interest-only payments.

The new owner plans to invest more than $10 million to renovate the six apartment propertiesa in Atlantic Beach, Brandon, DeLand, Jacksonville, Ormond Beach and Orange Park.

The six properties are located in areas where Blue Roc owns and manages other apartment properties.

“That deep knowledge of direct comps and market specifics helped the lender quickly gain comfort and confidence in the business plan and upside expectations,” Seth Grossman, senior managing director of Meridian  Capital Group, said in a prepared statement.

Grossman negotiated the transaction with Sara Kuebler, vice president of Meridian. They are based in Meridian’s office in Solana Beach, California. – Mike Seemuth


Related Articles

arrow_forward_ios
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Renderings of Venus with Erik Rutter and David Weitz (ImageFiction)
Carpe secures approval for North Miami Beach mixed-use apartment project
Carpe secures approval for North Miami Beach mixed-use apartment project
From left: Damien Barr and Ned Grace of NDT Development; Joe Furst of Place Projects; a rendering of the planned redevelopment of the Nora District in downtown West Palm Beach (ArquitectonicaGEO, Place Projects, NDT Development)
West Palm developers secure capital partner for Nora District projects
West Palm developers secure capital partner for Nora District projects
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
arrow_forward_ios

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

Loading...