PENSACOLA, FL—Until this year, I didn't see much deal traction in Pensacola. But with land and acquisition prices rising in South Florida—and Central Florida—north Florida markets are seeing more action.

Aztec Group just secured a $9.1 million acquisition loan for Heritage Apartments in Pensacola, FL. Aztec director Charles Penan and senior managing director Howard Taft represented the borrower, an affiliate of Providence Investments in Birmingham, AL.

“This is the latest example of a high quality asset in a desirable residential market securing sound financing. Factors such as Heritage's ideal location and borrower track-record were key considerations by the lender in providing the mortgage,” says Penan. “This is the first of many financing transactions Aztec Group hopes to execute with both the borrower and lender in the years ahead.”