Newmark Knight Frank (NKF) announces it has secured $72.5M in financing for the acquisition of two separate multifamily properties in Central Florida on behalf of American Landmark Apartments. American Landmark Apartments (ALA) is one of the fastest-growing multifamily owner-operators in the country and has been expanding its footprint in the Sunbelt. NKF’s Multifamily Capital Markets Executive Managing Directors Matt Mense, Henry Stimler and Bill Weber along with Vice President Osman Baig worked on behalf of the buyer to secure the two NKF-backed floating-rate loans from Freddie Mac.
“We are thrilled to continue our long-term partnerships with American Landmark and Freddie Mac to provide the best financing solutions for a superior owner-operator,” said Mense. “Floating rate products, matching flexibility with low rates, are increasingly attractive to clients in today’s environment.”
ALA acquired the 336-unit Radius Winter Park, in Casselberry with the financing of $36,050,000 along with the 288-unit Ashford at Feather Sound, in Clearwater with the financing of $36,425,000. The loans will permit ALA the ability to institute its business plan to implement a value-add improvement plan on both assets. The new owners also plan to rename the properties as Oynx Winter Park and Fairways at Feather Sound.
ALA’s upgrade strategy for both properties includes adding granite countertops, new cabinets, tile backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. The firm also plans to add community enhancements and upgrades featuring a renovated fitness center/clubhouse, new pool furniture and landscape enhancements.
Radius at Winter Park is located at 100 Reflections Circle in Casselberry and consists of 16 two- and three-story buildings on a 33-acre site. The community offers one- and two-bedroom floor plans ranging from 468 to 998 square feet. Current community amenities include a fitness center, resort-style pool, pool deck, clubhouse, grilling and picnic areas, internet café, dog park, 24-hour laundry facility, package lockers, playground and pet spa. Radius at Winter Park is located at the convergence of the Winter Park, Maitland and Casselberry submarkets, approximately 25 minutes northeast of downtown Orlando.
Ashford at Feather Sound is located at 13621 Feather Sound Circle East in Clearwater and consists of 21 two-story buildings and a clubhouse on 21.6 acres.
The property offers one- and two-bedroom units ranging from 608 to 1,067 square feet. Current amenities include a 24-hour fitness center, a heated swimming pool, a hot tub, pool deck, renovated clubhouse, grilling and picnic areas, a business center, dog park, two lakes and a tennis court.
The property is located on the southern edge of Clearwater near the major employment corridor in Tampa Bay, with proximity to St. Pete-Clearwater International Airport, the Carillon Office Park and the Raymond James Financial Global HQ (one of the largest employers in Tampa Bay).
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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