January 10, 2020
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.
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