HC Real Estate Capital Arranges $8.5 Million in Refinancing


By Oscar Pedro Musibay, courtesy of South Florida Business Journal Delray Beach’s HC Real Estate Capital has put together a refinancing package totaling $8.5 million for an apartment building and shopping center. In the first deal, Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital arranged $5.5 million in financing for Golf Terrace Apartments located at 2045 East Bay Drive in Largo. HC Real Estate Capital worked with the borrower to obtain a seven- year, fixed-rate loan. Golf Terrace Apartments, built in 1972, is a 245-unit, garden-style community situated on 9.45 acres. The community is comprised of 27 residential buildings, a clubhouse, management office and two pools. The apartment units are made up of 96 one- bedroom units and 149 two-bedroom units. The HC Real Estate Capital team also arranged $3 million in financing for Glades Pike Shopping Center located at 8095 Glades Road in Boca Raton. Glades Pike is a 35,120-square-foot retail center built in 1981 that is currently 100 percent occupied by Office Depot and Party City. The twelve- year loan replaced a maturing commercial mortgage-based security loan on the property.