Florida Multifamily Landlord Seals $50M LoanCore Financing
By Matt Grossman April 11, 2019 8:30 amreprints
Copperline Partners has landed a $50 million refinancing for an apartment complex in Coral Springs, Fla., Commercial Observer can first report.
Meridian Capital Group‘s Ronnie Levine and Thomas Wayda represented Copperline in the transaction, according to a spokesman for the debt brokerage. Meridian declined to name the lender, but a source close to the transaction revealed that Greenwich, Conn.-based LoanCore Capital delivered the interest-only debt from its balance sheet.
The property, Innovo Living on Atlantic, includes 310 apartments in a group of buildings surrounding a small pond in the upscale Florida city, about 12 miles northwest of Fort Lauderdale. (Reptile lovers will note that it’s also within walking distance of the Everglades, an expansive tropical wetlands.) Copperline bought the development in 2016, and will use proceeds from the new loan to refresh outstanding debt and complete its renovation of the property’s apartments.
Rent on an available one-bedroom unit—875 square feet—ranges from $1,430 per month to $1,585 per month, depending on discounts, according to the property’s website. A two-bedroom unit—20 percent larger—is on the market for between $1,620 and $1,820 per month. The landscaped property has two swimming pools, a lighted tennis court and a boxing arena for more passionate disputes.
Founded by real estate developers in the 1960s, Coral Springs was master-planned in every sense. Ordinances about architecture and advertisements in the city were so strict that a McDonald’s restaurant that opened there in 1975 was the first anywhere not to feature the golden-arches emblem, because it would have violated the rules about signs. (That store closed four years ago.)
Strict governance has served the municipality well, though. Unusual among cities its size—the population is about 133,000—Coral Springs has a perfect credit rating two of the three major rating agencies, according to its most recent budget. Major local employers include electronics and medical manufacturers, hotels, and retail centers like a big car seller and a BJ’s Wholesale Club.
A LoanCore executive didn’t immediately respond to inquiries. Copperline representatives couldn’t immediately be reached.