June 2, 2016
Prudential Capital Group’s $65 million loan package has helped finance the acquisition of Grandeville at Avalon Park in Orlando, FL. Borrower Preferred Apartment Communities Inc., headquartered in Atlanta, acquired the eight-year-old property from Cambridge Management Services Inc., located in Altamonte Springs, FL.
The interest-only loan matures in May 2019 and has a blended floating rate of 2.4% over the 30-day LIBOR, annually. Once the buyer completes upgrades to the 487-unit asset at 525 Loyola Circle, it will seek refinancing through a long-term mortgage insured by HUD.