New York-based FBE Limited buys Hollywood, Florida rental for $ 32 million – Commercial Observer
The Fruchtlander family makes forays into South Florida.
The New York based FBE Limited, the family office of the Fruchlander family, paid $ 31.9 million for a rental property in Holywood, Florida, according to property records.
Built in 1985, The club at Emerald Waters multi-family complex contains 300 apartments and six buildings, totaling 4.9 acres. Monthly rents vary between $ 1,249 and $ 2,136, depending on Apartments.com.
Located at 4000 N 56th Avenue, the property is located between the Florida 848 highway and United States Route 441 in the heart of Broward County.
Arbor Realty SR loaned $ 62.7 million in financing that will mature in three years, nearly double the sale price, per case. It was not immediately clear why this was the case. Executives of FBE Limited and Arbor Realty could not be reached for comment.
The Miami-based vendor Monuments real estate services, acquired the rental property for $ 31.5 million in 2014, per case.
Earlier this summer, FBE purchased Lauderhill rental property for $ 94.6 million with an $ 80.4 million mortgage of MF1 Capital. Directed by Abraham Fruchthandler and managed by Yehoshua Leib Fruchthandler, the company primarily owns real estate in Brooklyn, part of which City of industry, a 6 million square foot retail and office mega-development.