Chicago Investor Lands $61M Acquisition Loan for Plantation Apartments
By Julia Echikson August 3, 2023 4:42 pm
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Waterton nabbed a $60.7 million acquisition loan for a multifamily property in Broward County’s Plantation, two months after purchasing it, property records show.
The Chicago-based real estate investment firm paid $88.4 million for One Plantation in June, according to records. The 321-unit development features two 12-story buildings at 1600 and 1700 SW 78th Avenue, which faces the Interstate 595.
The debt from Walker & Dunlop is due September 2028, according to mortgage documents. A representative for Waterton, which claims to have a $10.3 billion portfolio of hospitality and residential properties, did not immediately respond to a request for comment.
The seller — PGIM, the asset management arm of Prudential Financial — joined the project in 2012, purchasing a stake from Fort Lauderdale-based developer Stiles. Together, the investors completed the 471,109-square-foot complex a year later.
Shortly thereafter, Stiles sold its stake in One Plantation to PGIM, a spokesperson for the told The Real Deal.
The June sale was one of three South Florida rentals that PGIM offloaded this summer. Last month, the New Jersey-based investor sold two properties to residential giant Greystar for nearly $150 million in total.
Julia Echikson can be reached at jechikson@commercialobserver.com.
