Rich Properties Snags $38.5M Refi for West Palm Beach Rental Asset
Rich Properties obtained a $38.55 million refinancing for Tennis Towers Apartments, a 306-unit multifamily community in West Palm Beach that has been owned and operated by Rich Properties for more than 35 years.
Berkadia’s Mitch Sinberg, Scott Wadler, Matthew Robbins, Brad Williamson, and Jared Hill arranged the financing on behalf of Rich Properties.
Berkadia originated the Freddie Mac-backed, seven-year, fixed-rate loan, which includes four years of interest-only payments.
Built in 1990, Tennis Towers is located at 2882 Tennis Club Drive near Okeechobee Boulevard and I-95. Tennis Towers offers a mix of studio, one-, two- and three-bedroom residences ranging from approximately 600 to 1,750 square feet. Community amenities include a tropical swimming pool and sundeck, heated spa, 24-hour fitness center, three tennis courts, BBQ and picnic areas and a car wash area.
Tennis Towers provides access to downtown West Palm Beach, CityPlace, Clematis Street and the Brightline station and is approximately 11 minutes from Palm Beach International Airport.
