ATLANTA, GA--Engler Financial Group LLC presents The Resort at Pembroke Pines (top left photo), an upscale 1,520-unit apartment community which was constructed in three phases between 1986 and 1990 in Pembroke Pines, Broward County, Florida.
The Property is located along the north side of Pembroke Road, just east of S. Flamingo Road, approximately two miles east of Interstate-75.
The Resort at Pembroke Pines is offered for sale on an “unpriced” basis and represents an excellent opportunity to purchase a well-located multifamily asset which underwent an extensive exterior renovation in 2007.
The Resort at Pembroke Pines is currently encumbered with a $120,000,000 assumable DMBS Fannie Mae Variable rate (90 day DMBS + 1.34%) loan.
The loan rate, which has a high correlation to LIBOR, is established thru a security sale every 90 days and is currently at 1.58% thru August 2, 2010.The loan matures August 1, 2015 and is "interest only" for the remaining term.
Spreads on new DMBS product would typically be priced in the 2.5%-3% over range versus 1.34% on the current loan. The reduced spread adds a significant amount of cash flow to the asset.
Contacts:
Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com
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