Silver Tree Scores $62M Loan for Fort Lauderdale Retirement Community
By Julia Echikson August 16, 2021 2:54 pm
reprints
Silver Tree Residential scored a $62.1 million refinancing loan for a large, Fort Lauderdale retirement community from Grandbridge Real Estate Capital, property records show.
Gateway Terrace Senior Apartments, situated at 1943 NE 6th Court, is located in the Victoria Park residential neighborhood along the Rio Barcelona Canal, less than two miles north of Las Olas Boulevard, the city’s main road. Constructed in 1958, the 257-unit apartment complex holds 13 buildings, spanning 168,870 square feet.
Monthly rents for studios and four-bedroom apartments range between $1,500 and $13,000, according to Apartments.com.
The financing from the Charlotte, N.C.-based Grandbrige marks the third mortgage on the property for Silver Tree. In 2015, it purchased the multifamily community for $27 million, securing a $24.3 million acquisition loan from Pillar Multifamily, according to records. Two years later, SunTrust lent $65.2 million on the property.
Headquartered in Memphis, Tenn., Silver Tree buys and renovates affordable housing communities originally developed under U.S. Department of Housing and Urban Development programs. As of 2020, its portfolio includes 8,496 units across 57 properties in the East, Midwest, California, and Texas, the company says.
A representative for Silver Tree did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
