Midtown Capital Closes $57M Refi on Lake Worth Rental Community
Midtown Capital Advisors closed on a $57 million pre-TCO loan to refinance the existing construction loan on Astor Sound at Lake Worth, a 230-unit, garden-style apartment community in Lake Worth, Florida that is nearing completion.
Berkadia’s Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins, and Patrick Johnson secured the financing on behalf of Midtown.
Infinity Collective provided a two-year loan with the option for a 6-month extension. The deal closed on September 19.
Located at 2201 Tenth Avenue, Astor Sound at Lake Worth consists of four two- to-five-story buildings and a clubhouse on a 6.5-acre site next to a canal. One-, two-, and three-bedroom floor plans range from 715 to 1,160 square feet. Community amenities include a resort-style pool and pavilion with summer kitchen, fitness center, outdoor entertainment area, dog park/spa, resident co-working lounge, coffee bar, game room, conference room and outdoor trail.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout