Jacksonville, FL, March 05, 2020 --(PR.com
)-- Locust Park Capital has arranged a $1.6 million dollar loan for the acquisition of a two-story 16 unit multi-family building in Jacksonville Florida. The building was one hundred percent leased at the time of the transaction. The buyer intends to complete capital improvements to escalate rents to current market rates. Keith Lee of Locust Park Capital arranged the five-year loan with a fixed rate of 3.975 percent for the unnamed borrower. The Lender was a local community bank.
According to Mr. Lee, lending activity in Florida is strong: "Most of our New York, New Jersey, and Connecticut clients have ravenous appetites for Florida investment properties. Investors have continued to vote with their dollars by acquiring properties in low-tax/landlord friendly states as lawmakers, especially in New York, have been downright hostile toward landlords."
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.