CBRE has secured a $7 million loan to refinance Mystic Woods Apartments, a two-phase, 163-unit multifamily community in Palm Beach Gardens. Paul Ahmed and Mackenzie Fry of CBRE arranged the financing on behalf of owner Creative Choice Group. The 10-year loan was provided by Popular Bank.

Mystic Woods Phase I & II were built in 1996 and 1997 and consist of two- and three-bedroom units. The property includes a clubhouse, pool, tennis court and separate entrances for each phase. The property is just east of North Military Trail and west of I-95. Creative Choice Group plans to use a portion of the loan proceeds to complete additional upgrades and repairs to the property.

“This refinance was a complex because we began the process in February, right before the Pandemic,” said Ahmed. “The lender was very cautious, since they were dealing with forbearance requests for their existing loans. In addition, the project has numerous affordability agreements in place which the lender had to be comfortable with. Fortunately, the property’s future value-add potential was recognized, and we were able to close.”

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