Cohen Goldstein Investment Strategies has paid $25.75 million, or $155,120/unit, for 166 rental units at the Cane Island apartment property in the Orlando, Fla., suburb of Kissimmee, Fla.
The Los Angeles investor bought the 11-year-old property, at 5251 Cane Island Loop, from its developer, D.R. Horton, which was represented by ARA.
It funded its purchase with an $18.75 million mortgage from Ladder Capital Finance, which securitized it recently. The loan has a 10-year term and requires only interest payments for the first five years. It then amortizes on a 35-year schedule. It pays a coupon of 4.365 percent.
The gated property sits on a 16-acre...

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