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BRADENTON — Atlas Real Estate Partners, the New York group that recently agreed to acquire the Sawgrass Cove Apartments in Bradenton for $23.2 million, borrowed $16 million from Beech Street Capital LLC in the form of a Fannie Mae conventional loan to finance that purchase.
The loan has a 10-year term, with no principal payments required in the first five years, and a 30-year amortization schedule, a release says.
The Sawgrass Cove Apartments are 336 units offering 342,880 square feet of space, situated in 21 two-story buildings spread across roughly 28 acres of land. The units were 97% occupied at the time of sale.
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