A $10.5 Million Fannie Mae Loan Finances Palatine’s Florida Investment
Alessia Pirolo Sept. 13, 2012, 9:26 a.m.
The private real estate firm Palatine Capital Partners Management, LLC, is using a $10.5 million Fannie Mae loan originated with Prudential Mortgage Capital Company for the purchase of an apartment community in Jacksonville, Fla.
The complex is The Villas at Dames Point Crossing, a 180-unit apartment community at 8291 Dames Point Crossing Boulevard in Jacksonville. According to Palatine, it has quick access to local beaches and airport, downtown Jacksonville, Mayport Naval Station and the Southside office market. Built as a condominium between 2006 and 2007, the complex was partially turned into rentals following the 2008 housing market crisis. Currently, The Villas is more than 90 percent occupied.
“This was a complicated execution which transpired over many months,” Alex Hurst, Palatine’s founder and managing partner, said in a prepared statement. “It was a fantastic addition to our 3,500 unit portfolio. We look forward to continuing to grow our footprint in Florida and the Southeast.”
In addition to its residential properties, since 2007 Palatine has acquired 265,000 square feet of commercial space and 20 whole loans, for a total of over $715 million of assets.
“As one of the newest properties in this area, its high occupancy, potential for future condominium sales and its proximity to key area office, recreational and shopping areas made this transaction extremely attractive to us,” added Brian Salyards, a principal with Prudential Mortgage Capital Company, who originated the transaction.