Evergreen Makes First FL Acquisition

(Crystal Proenza is associate editor of Real Estate Florida.)

PUNTA GORDA, FL-Evergreen Realty Group LLC has made its first acquisition in Florida with the purchase of Punta Gorda Elderly Care Center at 2295 Shreve St. from a private owner. The asset was purchased for an undisclosed price with Evergreen Realty’s capital, along with a $2.8-million loan provided by the National Bank of Southwest Florida. Terms of the loan include a three-year fixed rate loan at 70% LTV with a floating rate prime of 1.5% and 25-year amortization at a rate of 7.75%, according to NAI Bluestone Real Estate Capital, which secured the financing for the deal.

Approximately $300,000 of the secured funds will be dedicated to capital improvements including interior renovations, Charlie Peterson, senior associate with Philadelphia-based NAI Bluestone, tells GlobeSt.com. “The transaction also included a large parcel of land, and Evergreen Realty is hoping to start expanding within the next year,” he adds.