Miami, FL, August 24, 2019 --(PR.com
)-- Locust Park Capital has arranged a $14 million acquisition loan for a seven-story multifamily building in the Brickell area of Miami Florida. The recently renovated building was 97% leased at the time of financing. Kenneth Lee of Locust Park Capital arranged the seven-year loan with a fixed rate of 4.220 percent for a New York City based borrower. The Lender was an unnamed life insurance company.
According to Mr. Lee, lending activity in the area has been robust: "With New York's recent changes to rent stabilization laws, our clients have decided to look south for better returns and less headaches. The fact is South Florida continues to be an economic safe haven for investors and tenants alike."
Locust Park Capital is a real estate investment banking and capital advisory business headquartered in New York, NY. Founded in 2018 by accomplished principals with over 30 years of combined experience. The company specializes in arranging sponsor equity and debt financing for developers, funds, and family offices both domestically and in Europe.