Equity Financing Arranged for Mystic Pointe in Orlando
22 Apr, 2010, Orlando
On behalf of DeBartolo Development, Cushman & Wakefield Sonnenblick Goldman has arranged joint venture equity financing with a client of Invesco Real Estate related to the acquisition and renovation of Mystic Pointe Apartments, a 373-unit multi-family complex located in the Lake Buena Vista market of Orlando, Florida. DeBartolo Development purchased Mystic Pointe in an off-market transaction from Babson Capital and will be investing several millions of dollars in the property with Invesco's client to bring it to a class A standard.
"This is a wonderful opportunity for both DeBartolo and Invesco," noted Doug Hercher, Executive Vice President and principal of Cushman & Wakefield Sonnenblick Goldman. "DeBartolo has been actively acquiring properties and notes for the past year, and we expect that the Mystic Pointe transaction will be just the first of many deals that Invesco and DeBartolo do together."
Kathryn Schledwitz, an associate at Cushman & Wakefield Sonnenblick Goldman, commented, "Despite the complexities of the property, including having low income tax housing credits and the extent of the renovation requirement, the project attracted interest from a broad range of investors due to the financial strength and experience of DeBartolo, as well as the property's prime location adjacent to Disney World."
Edward Kobel, President of DeBartolo Development, looks forward to working with Invesco. "We are excited about our new venture with Invesco and look forward to partnering with them nationwide on value add retail and multifamily."
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