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ESG Kullen Secures $28M Loan for 161-Unit Buy in Palm Harbor Fractured Condo Community
ESG Kullen has secured a $27.7 million loan for the acquisition of 161 out of 248 units at Harbourtowne at Country Woods, a fractured condominium community in Palm Harbor, FL.
Charles Foschini and Christopher Apone of Berkadia arranged the financing. A regional bank provided the five-year loan at a highly competitive spread that included three-years of interest only and future funding for additional unit purchases and CapEx renovations.
“ESG Kullen was able identify a highly desirable fractured condo community in a high growth market, with a significant asset level of upside opportunities,” said Apone. “The company’s long-term experience in this asset space, and the FL markets, provided an array of debt options with a bank execution that offered the best combination of flexibility and leverage, while also bringing a highly competitive interest rate versus traditional debt fund lenders.”
Harbourtown at Country Woods sits between St. Petersburg and Tampa, 30 minutes from the Tampa International Airport.
- ◦Sale/Acquisition
