A buyer got $66 million of loans to acquire six rental apartment properties in Florida.
Tampa-based Blue Roc Premier Properties LLC financed the acquisition of apartment properties with a total of 1,010 units and an average occupancy rate of 97 percent.
Blue Roc got seven-year Freddie Mac loans from Capital One Multifamily Finance to acquire the six-property portfolio.
Blue Roc obtained a separate loan for each of the six properties. The loans all have floating interest rates ad two years of interest-only payments.
The new owner plans to invest more than $10 million to renovate the six apartment propertiesa in Atlantic Beach, Brandon, DeLand, Jacksonville, Ormond Beach and Orange Park.
The six properties are located in areas where Blue Roc owns and manages other apartment properties.
“That deep knowledge of direct comps and market specifics helped the lender quickly gain comfort and confidence in the business plan and upside expectations,” Seth Grossman, senior managing director of Meridian Capital Group, said in a prepared statement.
Grossman negotiated the transaction with Sara Kuebler, vice president of Meridian. They are based in Meridian’s office in Solana Beach, California. – Mike Seemuth