Dekel Capital, on behalf of CGI Strategies, has arranged a $47.5 million bridge loan for the acquisition, renovation and stabilization of a vacant 306-unit luxury multifamily community located at 1662 Celebration Boulevard in Celebration, FL.
Dekel Capital placed the loan with ACORE Capital, a leading commercial real estate finance company.
Built in 2015, the 14-and-a-half-acre Class A community consists of six, four-story Art Deco-inspired residential buildings that are undergoing significant improvements to correct construction deficiencies. A portion of the financing will be used to complete the improvements, which have been engineered and approved by the County, and bring the property back to market. With repairs expected to be finished by end of year, CGI Strategies is currently marketing units, which range in size from 741 square feet to 1,371 square feet.
“We were able to demonstrate to the lender that once the construction issues are remediated, the property will be a first-to-rent, highly amenitized community in a burgeoning multifamily market with tremendous demand drivers,” said Dekel Capital Principal Shlomi Ronen. “In addition, CGI is an experienced sponsor that has a track record of acquiring and remedying problematic real estate assets and successfully returning them to market.”
The community will be rebranded as Astoria at Celebration and features a mix of luxury one- two- and three-bedroom units as well as first-class amenities including a clubhouse, pool, fitness studio, outdoor summer kitchens and a dog park. The units include nine-foot ceilings, fully equipped island kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washers and dryers, and large walk in closets.