Seamless Teamwork Delivers Long Term Financing for Luxury Midrise
In a seamless transaction, PNC Real Estate delivered long-term financing for Alexan Solmar, a 284-unit luxury midrise in the highly desirable Flagler Village section of Ft. Lauderdale.
"Alexan Solmar is a trophy asset that delivers a high degree of luxury and amenities for people who could afford to buy but prefer the flexibility of renting," notes Skip Martinson, vice president, PNC Real Estate, in the Charlotte office.
The midrise includes a spectacular pool, fitness facility with personal trainers available, meeting rooms, party rooms and computer rooms. It is currently 95% leased, and occupancy is expected to approach 100% in the near term.
Joint venture partners Trammell Crow Residential and Prudential Insurance Company through its real estate fund, PRISA II, have an established relationship with PNC Real Estate and PNC was the lead agent in the construction loan that included three other banks.