Aquisition of 224-Unit Apartment Complex in Melbourne, FL
June 30, 2011
Legacy Capital Partners invested $1.275 million in the acquisition and renovation of a 224-unit apartment complex located in Melbourne, Florida. The total project costs (including funds needed to complete the renovation and lease-up) were $7.05 million. The asset was purchased with a $4.5 million loan with an initial term of 36 months with one 24-month extension. The loan is interest only for the first 18 months and then begins amortizing on a 25 year schedule. The total equity requirement was $2.55 million.