FCP Secures $38M Bridge Loan for Palm Beach County MF Assets
Washington D.C.-based Federal Capital Partners has secured a $38 million bridge loan for two multifamily properties in Palm Beach County. Fernando Riboli and Matthew Williams of NKF brokered the floating rate bridge loan on behalf of Federal Capital Partners through lender M&T Bank.
The properties include Costa Del Lago, a 218-unit property built in 1972, and Coronado East, a 151-unit property built in 1985. Costa Del Lago consists of 22 three-story apartment buildings with an average unit size of 814 square feet, while Coronado East consists of six three-story apartments with an average unit size of 839 square feet.
“The well-maintained assets provide the sponsor with an exceptional opportunity to execute their value-add strategy, while taking advantage of Palm Beach County’s strong employment and population growth while locking in an aggressive interest rate,” said Riboli.
Connect South Florida is coming to Key Biscayne on Feb. 26, 2020. For more information, or to register, click here.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.