Ray Mazzie Of Southern Waters Capital And Michael Procopio Of Procopio Companies Secure $4.72M Loan For Multifamily Development In Wildwood

This multifamily development site located at 1427 Huey Street in the Wildwood market consists of 371 units and encompasses a total area of 1,077,326 square feet. The loan amount for this project is $4,721,000, structured as a bridge to construction financing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,721,000
• Assets Units: 371
• Assets Square Footage: 1,077,326
• Lender: DLP Capital
• Landlord: Ray Mazzie - Southern Waters Capital
• Landlord: Michael Procopio - The Procopio Companies

This joint venture involves Massachusetts-based Procopio Companies and Fort Lauderdale-based Southern Waters Capital. The planned development will feature luxury amenities spread across approximately 24 acres.