First Horizon Grants $51 Million On TerraCap South Florida Apartment Purchase

TerraCap Management has received $51 million in debt from First Horizon Bank to help finance its purchase of a new, 240-unit multifamily development in Bonita Springs, Florida.

The debt facilitates TerraCap’s roughly $70.4 million buys of Versol Apartments at 28790 Versol Drive in Bonita Springs from Indianapolis-based private developer and operator, Milhaus, who will stay on to maintain the property.

Newmark’s Matthew Williams and Kyle Schlitt went on behalf of TerraCap to source, arrange, and eventually complete the financing for the purchase a little over two weeks from the application. Schlitt stated his team experienced a very competitive marketplace, which allowed them to quickly lock in “aggressive financing terms for [TerraCap] as they acquired a premier asset in an expanding submarket within southwest Florida.”

The development is situated on 27 acres and includes a clubhouse building, with a “chef-inspired” catering kitchen, a conference room, and a coffee bar. The site also has a swimming pool with a sun shelf, which is a flat, shallow area at the entrance of a pool. According to Newmark, there’s also a fitness center, a spin studio and yoga room, an outdoor kitchen area with gas grills, an entertainment area with a fire pit, a bocce court, a dog park, and dry cleaning services and information from the property’s website.

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