 |
| Greg Matus |
SUNRISE, FL – Franklin
Street arranged the sale and secured financing for Sunset Apartments, a 54-unit
rental community in Sunrise, Florida.
Franklin Street’s Tony Gannacone,
Greg Matus and Dan Dratch represented both parties in the transaction.
The three-building
complex, located in western Broward County, had been owned by two Canadian
investors under the corporate entity RonJack Properties, LP. Franklin Street was hired to sell it, but
after arranging a potential deal, one of the two investors decided to buy out
his partner for an undisclosed amount and own the property outright.
Franklin Street’s Capital
Advisors division obtained the 10year nonrecourse loan with a 3.5 percent
fixed rate of interest on behalf of the buyer. Franklin Street’s Evan Seacat and Ryan Cassidy provided insurance services for the asset.
"Once we secured an
offer, one of the partners decided to stay in the deal,” said Gannacone, an
Investment Sales Associate in Franklin Street’s Fort Lauderdale office. “He remained
convinced there was still a lot of room for rent growth and opportunity for the
property to appreciate. He took
advantage of the low interest rate environment and lower insurance costs that
we were able to provide to increase margins and cash flow.”
“Franklin Street not only
helped me find less expensive insurance, but also its investment sales and
capital markets teams sourced the financing that I used to buy the property,”
said a spokesperson for RonJack Properties. “They have positioned themselves as
a true real estate solution for investors.”
RonJack originally
purchased the apartments three years ago.
They made significant capital improvements to bring the property up to
date, including new roofs, new air conditioners, a resurfaced parking lot and
kitchen remodels.
“The property has great
upside potential based on the recent unit and amenity upgrades,” said
Gannacone. “I think value-add multifamily assets, like Sunset, will benefit the
most as the Broward County market continues to grow.”
For a
complete copy of the company’s news release, please contact:
Ashley Fierman
Senior Account Executive
BoardroomPR
O 954-370-8999
C 954-330-1554
Bank of America Plaza |
1776 N. Pine Island Road
Suite 320 | Plantation, FL
33322
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