Delray Beach, Fla. (Jan. 16, 2018) – Berkadia has secured an $8.4 million bridge loan for the acquisition of 93 units at Murano of Delray, a 275-unit garden-style community located just minutes from bustling Atlantic Avenue in Delray Beach. South Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s South Florida office arranged the loan on behalf of the buyer, ESG Kullen.
MidCap Financial provided the floating rate, four-year initial term loan, with three years interest only, at 65 percent of total cost.
“After a deep survey of the debt markets, MidCap emerged as a clear winner on what most lenders would deem a highly complicated transaction due to lack of true HOA control and the need for individual unit releases in order to allow the borrower to sell off individual units at the property,” said Christopher Apone. “MidCap was attracted to the exceptional Delray location, significant discount to replacement cost, and significant borrower experience in the fractured condo space.”
Built in 2001, Murano of Delray is a garden-style community located at 15005 Michelangelo Blvd., in the heart of Delray, named by USA Today “The Most Fun Small Town in America. The property is just south of West Atlantic Avenue, Delray’s main east-west thoroughfare, and consists of one-, two- and three-bedroom units with desirable features such as full-size washer and dryer, spacious walk-in closets and a patio or balcony. Situated on a picturesque lake, community amenities include a spacious clubhouse, fitness center, entertainment room with kitchen, resort-style pool and spa, lighted tennis court, children’s playground and picnic area with grills.
The Murano is conveniently located close to the region’s major highways, approximately one mile east of the Florida Turnpike and four miles west of Interstate 95, and close to downtown Delray, which boasts over 200 restaurants, retail stores, hotels, and art galleries – along with a planned iPic Movie Theater. The location is second-to-none in its appeal to both millennials and empty-nesters.