Lloyd Jones Capital got a $38.2 million loan to finance its acquisition of the 397-unit apartment complex

Miami-based Lloyd Jones Capital bought a 397-unit apartment complex in Fort Myers for $55 million, or about $138,000 per unit.
Lloyd Jones financed its acquisition of the apartment complex with a $38.2 million loan secured by the South Florida office of Berkadia Proprietary Holding LLC.

Lloyd Jones got the fixed-rate, 10-year loan though Freddie Mac’s “Green Up” program, which requires borrowers to commit to such property-improvement initiatives as a reduction in water consumption.

The Miami-based private equity firm acquired a rental housing property called The Fountains at Foresthead, which opened in 1985 and has a swimming pool, a 25-hour gym, jogging trails along a lake and a car wash center.

The apartment complex’s address at 1734 Brantley Road in Fort Myersis near Interstate 75 and Florida Southwestern State College.
Lloyd Jones now owns 25 rental housing properties across Florida including the 120-room Granite at Miami Beach, the 432-unit Vibe at Gateway in St. Petersburg, and the 160-unit Meetinghouse at Collins Cove in Jacksonville. [Business Observer] – Mike Seemuth

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Fountains at Forestwood, Coastal Village trade hands in recent deals

A pair of recent apartment sales in Estero and Fort Myers have generated nearly $100 million in proceeds, according to Lee County property records.

Miami-based Lloyd Jones Capital acquired the Fountains at Forestwood community in Fort Myers for $55 million, adding to its portfolio of 18 multifamily rental complexes in Florida containing 3,600 units.

The 397-unit complex, at 1735 Brantley Road, was completed in 1985 and features amenities such as a resort-style swimming pool; 24-hour fitness center; lakefront jogging trails; and a car wash center.
The property also is located in close proximity to both Florida Southwestern State College and Interstate 75.

Lloyd Jones completed the transaction with roughly $38.21 million in financing provided by the South Florida office of Berkadia Proprietary Holding LLC, a joint venture between Omaha-based Berkshire Hathaway and Leucadia National Corp.

Berkadia obtained the funds from Freddie Mac’s “Green Up” program, which stipulates borrowers must commit to initiatives including water usage reduction. Freddie Mac’s loan to Lloyd Jones carries a fixed rate and matures in 2028.

Lloyd Jones officials did not return telephone calls for comment on the purchase. In all, the company owns 31 complexes in six states: Florida, Texas, New Hampshire, Michigan, Virginia and South Carolina. In Florida, the company’s portfolio includes the 432-unit Vibe at Gateway in St. Petersburg and the 160-unit Meetinghouse at Bartow.

In the other deal, Coastal Ridge Real Estate bought the 800-unit Coastal Village apartments in Estero for $44 million.
The 19401 Skidmore Way complex last traded for $32 million in January 2015, property records show. The community is located just a few miles from Gulf Coast University.

Coastal Village becomes the company’s fifth Florida holding, according to its website. It also owns multifamily rental properties in Gainesville, Panama City Beach and Lutz.

Earlier this year, Coastal Ridge spent $71.4 million to buy the 324-unit Spectra Apartments in Fort Myers, which had been completed in mid-2017 by Naples-based Stock Development.

Founded in 2013, Columbus, Ohio-based Coastal Ridge owns more than 4,300 apartments nationwide valued in excess of $1.6 billion, according to its website.

Company officials did not return telephone calls for comment on the Coastal Village property.
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