Grant Cardone‘s investment firm has secured $105 million in acquisition debt from New York Community Bank to fund its purchase of 5550 North Military Trail, a luxury rental development in Boca Raton, CO first reported. The six-story, 400,000-square-foot asset consists of 398 residences that average just over 1,000 SF.
- Financing details: The loan includes interest-only payments of 2.89 percent across the whole of its seven-year term.
- Meridian brokered the deal: Israel Schubert, David Cohen, Mordy Schwartz and Mark Krupenia sourced and arranged the debt. Cardone’s firm, Cardone Capital, raises money in a crowdfunding format from accredited and interested non-accredited investors, who then become partners in the real estate assets he purchases through the vehicle.
- About the man himself: Grant Cardone is an investment manager, author, motivational speaker, and social media personality, with millions of followers across multiple platforms. The entrepreneur reportedly manages around 8,673 multifamily units valued at close to $2 billion. He has been investing in the multifamily space since the mid-1990s. [CO+AltisBocaRaton]