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Phoenix Realty Closes $35M Fractured Florida Condo Deal
Phoenix Realty Group acquired the Element at MetroWest, a 301-unit, Class A condo property from partners TM Real Estate Group and Optimus U.S. Realty Estate Fund. Cushman & Wakefield brokered the $34.9 million transaction, and also helped secure financing to the tune of $26.3 million for the asset at 2207 Lake Debra Dr. in Orlando, FL.
Cushman & Wakefield’s Jay Ballard and Ken Delvillar represented the seller. The Cushman & Wakefield Debt and Structured Finance team of John Alascio, Michael Ryan, Jeff Walker, Sridhar Vankayala and Andre Hass arranged for the fixed-rate, Fannie Mae acquisition financing through Capital One.
“The Element at MetroWest was one of the few remaining fractured condo assets in Central Florida and provided investors with an incredible value-add opportunity,” Ballard said.
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