Investor gets $40M loan to buy Fort Myers apartments

A Boca Raton real estate development firm has secured a nearly $40 million loan to buy a 296-unit Fort Myers apartment complex. It paid $57 million.

The loan for $39.9 million was originated by Berkadia and went to Interface Properties for the purchase of the Brantley Pines Apartments at 1801 Brantley Road, just off of Cleveland Avenue.

Freddie Mac bought the five-year fixed-rate loan says Berkadia, which announced the deal.

Brantley Pines was built in two phases between 1988 and 1997 and includes one-, two- and three-bedroom units ranging in size from 602 square feet to 1,345 square feet. The property’s website did not disclose monthly rental rates, and neither does Apartments.com. Both say to call for rents.

Interface was founded in 1990 and owns commercial and multifamily properties in 24 states. Most of its holdings are east of Texas, but it does a have properties in Nevada, Montana and New Mexico.

It owns 12 properties in Florida, including in Cape Coral, Tampa and Pinellas Park.

A spokesperson for Berkadia says that Interface manages its own properties and "self-performs renovation work through a variety of proprietary software solutions."

The deal closed June 28.

Mitch Sinberg, a senior managing director; Michael Basinski, a vice president; and Brad Williamson and Scott Wadler, managing directors of Berkadia South Florida office, worked on the loan.