Acquisition and Renovation of 198-Unit Waterfront Multi-Family Project
February 11, 2010
Legacy Capital Partners invested $2.15 million in the acquisition and renovation of a 198-unit waterfront multi-family project in South Pasadena, FL (west of St. Petersburg). The total project cost (including funds needed to complete the renovation and lease-up) was $16.5 million. The acquisition was financed with a three-year interest-only bridge loan in the amount of $9.5 million. The total equity requirement was $7 million.