Bravo Capital Lends $21M on Daytona Beach Apartments

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Starka Properties has landed $21 million of financing for a multifamily property in central Florida., Commercial Observer has learned.

Bravo Capital provided the bridge loan for Starka’s Osprey Landing property in Daytona Beach, Fla., while Aaron Krawitz, a managing principal at Bravo, originated the financing.

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Located at 1756 South Clyde Morris Boulevard, Osprey Landing comprises 108 units. Its amenities include 24/7 fitness center, basketball court, shuffleboard court, grilling stations, swimming pool, business center and dog park.

Manhattan-based Bravo also recently closed a deal supplying a $13 million bridge acquisition loan for Starka’s 62-unit Casa De La Rosa apartment community in St. Petersburg, Fla.

“We have been very excited by these stellar sponsors and high-end properties in terrific locations,” Krawitz said. “We are fortunate to have a deep bench of bridge and [U.S. Department of Housing and Urban Development] specialists who are trusted by loyal clients and relied on for their expertise.”

Officials for Boca Racon, Fla.-based Starka Properties did not immediately return a request for comment.

The lender has executed more than $100 million in bridge financings over the past month including a $23 million debt package for developer Joel Jacob’s new mixed-use asset on 1620 New York Avenue in Brooklyn’s East Flatbush neighborhood.

Andrew Coen can be reached at acoen@commercialobserver.com.