Cushman & Wakefield and Greystone jointly announced they arranged the sale of, and provided acquisition financing for, respectively, The Park at Via Corso, a 240-unit multifamily property in Daytona Beach, Florida. The multifamily property was sold from the Blue Roc Premier property portfolio to buyer JACS Properties.
Cushman & Wakefield’s Mike Donaldson, Nick Meoli, and Joey Blakley represented the seller in the transaction. Greystone’s Justin Kantrowitz and Donny Rosenberg originated a Freddie loan to finance the acquisition.
“The Park at Via Corso is a value-add community situated in the heart of Daytona Beach that has excellent upside through a proposed community-wide ‘refresh’ to build upon the seller’s prior $2 million in improvements,” said Donaldson, Vice Chair at Cushman & Wakefield. “We have seen a dearth of value-add communities available for sale in the last couple of years as a result of headwinds such as softening fundamentals due to record-breaking new supply coming online, increased insurance costs and significant interest-rate hikes. However, the market has been transitioning as we now see improved conditions with buyers coming back into the market to take advantage of the attractive basis and yields currently offered.”
“We expect to see increased multifamily sale velocity going into the latter part of the year and into next as market conditions improve for sales and pent-up capital that’s been on the sidelines continues to become more prevalent and aggressive,” added Meoli, Vice Chair at Cushman & Wakefield.
The Park at Via Corso is located at 310 South Nova Road and offers a mix of studio, one-, and two-bedroom apartments along with community amenities such as two swimming pools, a 24-hour fitness center, coffee and tea bar, and on-site laundry.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more.
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates.
