Cushman & Wakefield secured $31.7 million in financing on behalf of The RADCO Cos. for the acquisition of Reflections Apartments, located in Casselberry, Florida. Mike Ryan, Brian Linnihan, Richard Henry, Robert Kaplan and Chris Lentz of Cushman & Wakefield’s Equity, Debt & Structured Finance practice secured the 70 percent LTV, floating-rate bank loan. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, GoldOller Real Estate Investments, in the investment-sale transaction.
The 336-unit Reflections Apartments was built in 1984. Amenities include a clubhouse, swimming pool, barbecue area, covered parking, playground, state-of-the-art fitness center, complimentary fitness classes, business center and 24/7 clothes care center. The transaction marks The RADCO Cos. seventh property acquisition in Florida, and the company plans to spend nearly $5 million in capital improvements. It has already renamed the property Radius Winter Park.