Capital One Multifamily Lends $66M in Florida Multifamily Acquisition
By Matt Grossman May 7, 2018 4:03 pm
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Blue Roc Premier, a property manager based in Tampa, Fla., has secured $66 million in Freddie Mac loans to acquire a portfolio of apartment complexes in Florida, according to Meridian Capital, which brokered the financing.
The floating-rate loans, originated by Capital One (COF) Multifamily Finance, will be paid down over seven years, including two years of interest-only payments.
The portfolio comprises six properties in various Florida markets. Four are located in Jacksonville and in the nearby cities of Atlantic Beach, Orange Park and Ormond Beach. Another stands in DeLand—about halfway between Jacksonville and Orlando—and the final property is in Brandon, which is just northeast of Tampa. The apartments total just over 1,000 units, and average a 97 percent occupancy rate.
“Even though these six assets were spread across the state of Florida…each is located in a submarket that our client currently owns and manages other apartment communities in,” Meridian’s Seth Grossman, who brokered the deal alongside Sarah Kuebler, said in a statement. “That deep knowledge of direct comps and market specifics helped [Capital One] quickly gain comfort and confidence in the business plan.”
Amenities at the communities include swimming pools and courts for racquetball and volleyball.
Representatives for Capital One and Blue Roc did not immediately respond to inquiries.
