Dekel Capital, on behalf of CGI Strategies, has arranged a $47.5 million bridge loan for the acquisition, renovation and stabilization of a vacant 306-unit luxury multifamily community located at 1662 Celebration Blvd. in Celebration, Fla. Dekel Capital placed the loan with ACORE Capital, a commercial real estate finance company.
Built in 2015, the 14.5-acre class A community consists of six, four-story Art Deco–inspired residential buildings that are undergoing significant improvements to correct construction deficiencies. A portion of the financing will be used to complete the improvements, which have been engineered and approved by the county, and bring the property back to market. With repairs expected to be finished by end of year, CGI Strategies is currently marketing units, which range in size from 741 square feet to 1,371 square feet.
