Blue Rock Premier has secured $20 million in acquisition financing for the purchase of The Palms at Magnolia Grove apartment complex in Orlando. Meridian Capital Group sourced the seven year loan which features a floating interest rate and two years of interest only payments. The 352 unit garden style apartment property is located at 2174 Sharp Court.
“Our client has had great success and extensive experience renovating properties very similar to this asset in the Florida area,” said Meridian Managing Director, Seth Grossman. “Throughout their track record, they have been able to acquire assets with value-add opportunities and achieve higher rents, maintain minimal vacancy, and in a short period of time significantly increase value”.
