Phillips Realty Capital Secures $19.2M Acquisition Loan for Multifamily Asset in Eastern Florida

MELBOURNE, FLA. — Phillips Realty Capital has arranged a $19.2 million loan for the acquisition and renovation of Landmark at Waverly Place, a 208-unit apartment community in Melbourne, roughly 70 miles southeast of Orlando. Adam Bieber of Phillips Realty Capital arranged the loan through Ares Management on behalf of the borrower, BG Capital Management. Landmark at Waverly Place features a resort-style pool, clubhouse, fitness center, poolside kitchens and a dog park. Constructed in 1987, the property offers one- to three-bedroom floor plans. BG Capital Management will upgrade 88 of the units over the next two years.