Citigroup Provides $47M to Finance Cocoa Grand Acquisition in Florida
A joint venture led by Sinatra & Co. bought the 268-unit complex from TrimCor
By Brian Pascus August 12, 2024 5:01 pm
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A joint venture led by Sinatra & Co. has secured $46.9 million to finance its acquisition of Cocoa Grand, a 268-unit apartment complex near Cape Canaveral, Fla., Commercial Observer has learned.
Citigroup provided the fixed-rate loan, while Berkadia Philadelphia‘s Bob Falese arranged the financing, which closed on July 31.
Sinatra & Co. — together with SCRE Florida Value Add Fund, Stolar Capital and The Nanula Family Office — purchased Cocoa Grand from TrimCor for $64.3 million, according to an Aug. 8 report from Connect CRE. Berkadia North & Central Florida arranged the purchase.
“Berkadia is thrilled to once again partner with Sinatra & Co. to provide a fixed rate debt execution as they add another asset to their Florida portfolio,” said Falese in a statement. “Cocoa Grand is a great addition of another quality asset as Sinatra remains extremely active on the acquisition front.”
Located at 305 Laredo Drive — a short drive from the Kennedy Space Center on Merritt Island in Cape Canaveral — Cocoa Grand opened in 2022.
The 268-unit property features one- to three-bedroom apartments, and includes a pool, a sun deck, a fitness center, a clubhouse, a dog park and a community business center. As part of the deal, the property will undergo a $1.3 million renovation.
Brian Pascus can be reached at bpascus@commercialobserver.com
