Miami investor snatches $20.5M in SF apartment loans

First Market Properties, a North Miami and New York-based investment company, has picked up $20.5 million in multi-family property loans secured by 25 South Florida apartment buildings. The portfolio, acquired from an unnamed lender for an undisclosed price, comprises a total of 350 units. Of those, 93 are in Lake Worth, 93 are in Hollywood, 44 are in Lauderhill, 43 are in West Palm Beach, 40 are in Wilton Manors, 11 are in Fort Pierce, 10 are in Hallandale Beach, 10 are in Jensen Beach and six are in Boca Raton. The purchase comes on the heels of First Market’s acquisition of $15.6 million in loans on 335 South Florida apartments in August. [SFBJ]