Beachwold Residential has locked up a $26.75 million acquisition and bridge loan for a mulitfamily asset in the Orlando MSA community located in Davenport, Florida. The funding was sourced by Holliday Fenoglio Fowler through NXT Capital. The property, Village at Town Center, is a 240 unit, garden style apartment complex located at 2000 Village Boulevard within the Reunion Resort & Club and Champions Gate near Walt Disney World. The HFF debt placement team included managing director Elliott Throne and senior managing director Mona Carlton.
Completed in 1999, Beachwold acquired all of the units within the fractured condominium community with plans to renovate the remaining units, install an institutional management team and relaunch the property, positioning it to compete against newer vintage assets in the market. The condo association was also recently terminated, providing the Beachwold with operational upside. “NXT Capital came through with a very attractive loan that allowed Beachwold to acquire another prime property where they can apply their value-add expertise to bring residents a top-quality experience,” Throne stated.
