Zell Sells Lakeside Apartments for $12M

ORLANDO-Taking advantage of a new wave of low interest rates, local developer Mark Kinchla, a partner in Prospect Brava LLC, has purchased the 40-year-old, 194-unit La Costa Brava apartments on Lake Pineloch from Chicago entrepreneur Sam Zell’s Equity Residential Corp. for $12.1 million, or about $90,206 per unit.

The local office of Atlanta-based Primary Capital Advisors structured a three-year, interest-only, $17.5-million bridge loan for Kinchla to cover acquisition, renovation and conversion of the strategically located property near the historic Delaney Park neighborhood and a half mile south of Downtown. Lake Pineloch is one of the largest water-skiing lakes nearest to Downtown.

Todd F. Cohen, Primary Capital’s Florida manager, Income Property Capital Group, coordinated the equity and debt financing through Merrill Lynch Capital. “We closed in 45 days, from signed loan application to completion,” Cohen tells GlobeSt.com.