Finance

Citigroup Provides $47M to Finance Cocoa Grand Acquisition in Florida – Commercial Observer


A joint venture led by Sinatra & Co. has secured $46.9 million to finance its acquisition of Cocoa Grand, a 268-unit apartment complex near Cape Canaveral, Fla., Commercial Observer has learned. 

Citigroup provided the fixed-rate loan, while Berkadia Philadelphia‘s Bob Falese arranged the financing, which closed on July 31.  

SEE ALSO: LL Flooring Files for Bankruptcy, Plans to Close 94 Stores

Sinatra & Co. — together with SCRE Florida Value Add Fund, Stolar Capital and The Nanula Family Office — purchased Cocoa Grand from TrimCor for $64.3 million, according to an Aug. 8 report from Connect CRE. Berkadia North & Central Florida arranged the purchase. 

“Berkadia is thrilled to once again partner with Sinatra & Co. to provide a fixed rate debt execution as they add another asset to their Florida portfolio,” said Falese in a statement. “Cocoa Grand is a great addition of another quality asset as Sinatra remains extremely active on the acquisition front.”

Located at 305 Laredo Drive — a short drive from the Kennedy Space Center on Merritt Island in Cape Canaveral — Cocoa Grand opened in 2022. 

The 268-unit property features one- to three-bedroom apartments, and includes a pool, a sun deck, a fitness center, a clubhouse, a dog park and a community business center. As part of the deal, the property will undergo a $1.3 million renovation. 

Brian Pascus can be reached at [email protected] 



Source link

Leave a Reply