Argentic Lends $30M on Florida Garden Apartment Building Buy
Cove Investment Group has landed $29.7 million of acquisition financing to purchase a multifamily asset in central Florida, Commercial Observer has learned.
Argentic Real Estate Finance provided the loan for Cove’s The Park at Via Velino in Melbourne, Fla., which it acquired for $33.5 million from Blueroc Premier, sources told CO.
The debt package was arranged by Newmark‘s Daniel Fromm, Dustin Stolly, Jordan Roeschlaub, Daniel Matz, Kyle Schlitt and Jason Kennedy. The Newmark multifamily investment sales group of Ryan Moody, Scott Ramey, Brad Downing and Paul Grant represented Blueroc in the transaction.
Located at 3151 South Babcock Street, 72 miles east of Orlando, the 1974-built garden-style apartment community comprises 212 one-, two- and three-bedroom units. Its amenities include two swimming pools.
The purchase of The Park at Via Vellino fits with multifamily investor Cove’s recent strategy of targeting underperforming properties in Florida.
Representatives for Newark did not immediately return a request for comment.
Andrew Coen can be reached at email@example.com.