Rockpoint Group's Keith Gelb & Bill Walton Secure $111M Construction Loan For Sunrise Development Site

A 21.2-acre multifamily development site located at 3363 North Pine Island Road in Sunrise has been transacted for $26.21 million. This site is set to feature 412 apartments and 40 townhouses, supported by a construction loan amounting to $111 million from PNC Bank.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $26,210,000
• Loan Amount: $111,000,000
• Lender: PNC Bank
• Landlord: Keith Gelb & Bill Walton - Rockpoint Group
• Seller: Peter Liebman - Humbold Real Estate Ventures
• Market: Sunrise
• Asset Size: 21.2 acres
• Project Name: Caroline at Sunrise

This acquisition was made by an affiliate of Rockpoint Group, with Keith Gelb and Bill Walton representing the landlord. The project approved for the site emphasizes multifamily residential living, with a significant number of housing units planned for development.