Israel Discount Bank Provides $37M Refi for South Florida Apartments

Moshe Popack’s YMP Real Estate Management has secured a $37 million loan for the refinance and renovation of a multifamily community in West Palm Beach, Fla., Commercial Observer has learned.

Israel Discount Bank of New York (IDB) provided the loan on the multifamily operator’s Palo Verde Apartments, according to Meridian Capital Group, which arranged the transaction. 

Meridian Capital’s David Hayum negotiated the financing, which was locked in at a fixed interest rate of 6.29 percent for a five-year term, with two years of interest-only payments followed by a 30-year amortization schedule, according to the brokerage firm. 

“This loan structure provided the flexibility and capital needed to both refinance the existing debt and support the sponsor’s renovation strategy,” Hayum said in a statement. “YMP’s deep market knowledge, clear execution plan, and long-standing credibility in the industry were instrumental in securing highly favorable terms.”

Located at 6212 Forest Hill Boulevard, Palo Verde consists of one- and two-bedroom apartments with monthly rents averaging between $1,600 and $1,825, according to Apartments.com. Community amenities include a fitness center, a pool with sundeck, a business center, tennis courts and a children’s playground.

Officials at IDB and YMP did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com