ELECTRA CAPITAL PROVIDES PREFERRED EQUITY INVESTMENT ON DAYTONA BEACH APARTMENTS
Daytona Beach, Fla. (Nov. 24, 2020) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.15 million preferred equity investment for the refinancing of Park at Via Roma, a 288-unit multifamily community in Daytona Beach, Florida. The owner of the asset is Inman Equities, LLC.
“The sponsor’s strong track record and vision of the Daytona Beach market has allowed them to position the property for future growth with this new set of capital,” said Samuel J. Greenblatt, CEO of Electra Capital. “Leveraging this type of equity creates an advantageous opportunity for the sponsor to further hold their asset while also minimizing risk.”
Benjamin Inman, President of Inman Equities, LLC added, “The Electra Capital team were thorough professionals and worked diligently to provide equity ahead of schedule. From term sheet to closing, their entire team operated smoothly. I look forward to completing more deals with them in the near future given our experience with them on the Park at Via Roma Apartments acquisition in Daytona Beach, Florida. Electra is a group I would consider to be a great partner on any deal and I’m pleased to have them in our corner.”
Built in 1974, Park at Via Roma is located at 875 Derbyshire Road. Studios, one-, two- and three-bedroom units include walk-in closets, window coverings, washer/dryer, disposal and dishwasher. Community amenities include a business center, fitness center, sundeck, lounge and clubhouse with Wi-Fi.
Situated in north Daytona Beach, the community is found near several important thoroughfares as well as employers. Interstate 95 and Interstate 4 are about 10 minutes away, offering convenient access to coastal and central Florida. Daytona Beach International Airport and Daytona International Speedway are also about 10 minutes away, bringing residents within proximity to some of the nation’s premier sporting events.