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The owner of a 226-unit multi-family complex in Boynton Beach has secured a refinancing of $ 26.25 million for a young complex.
Investor and property manager Morguard on April 15 secured a 10-year loan from Grandbridge Real Estate Capital LLC for Santorini Apartments, according to Palm Beach County records. The loan breaks down to $ 116,150 per unit.
Santorini is a 2018 two-building apartment complex with a garage on 3.35 acres southeast of Congress Avenue and Gateway Boulevard at 1645 Renaissance Commons Blvd.
Morguard, which owns Santorini and obtained the financing through its subsidiary Morguard Santorini Apartments LLC, owns and manages $ 21.3 billion in assets in the United States and Canada, according to its website. the company invests directly in real estate and sponsors listed companies Morguard Real Estate Investment Trust and Morguard North American Residential REIT.
Services offered by a subsidiary of BB&T, Grandbridge, include capital market financing of commercial and multi-family properties, according to its website.
The multi-family market has been one of the strongest in South Florida, but it takes a hit from the coronavirus pandemic as laid-off and on vacation tenants ask for rent relief and the economy takes time to bounce.
With the uncertainty of the market, developers are biding their time before embarking on new projects. This means that lenders do not receive requests for financing for new construction, but refinancing of existing properties like Santorini is more likely.
Santorini offers one-bedroom units with rents ranging from $ 1,633 to $ 2,012 per month and two-bedroom units at $ 1,713 to $ 2,029 per month, according to its website.
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