Sawgrass buyers borrow $16M

BRADENTON — Atlas Real Estate Partners, the New York group that recently agreed to acquire the Sawgrass Cove Apartments in Bradenton for $23.2 million, borrowed $16 million from Beech Street Capital LLC in the form of a Fannie Mae conventional loan to finance that purchase.

The loan has a 10-year term, with no principal payments required in the first five years, and a 30-year amortization schedule, a release says.

The Sawgrass Cove Apartments are 336 units offering 342,880 square feet of space, situated in 21 two-story buildings spread across roughly 28 acres of land. The units were 97% occupied at the time of sale.