Passco Cos Secures $77.5M Refinancing For 297-Unit Ocean Walk Apartments In Key West

The 297-unit Ocean Walk Apartments in Key West, Florida has secured $77.5 million in refinancing. Passco Cos., led by William O Passo, acquired the property for $101.5 million from Mast Capital and Rockpoint Group. The 10-year Fannie Mae loan, arranged by KeyBank Real Estate Capital, includes a 7-year interest-only period.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $77,500,000
• Units: 297
• Acres: 97
• Address: 3900 Roosevelt Boulevard, Key West
• Market: Key West

The deal was facilitated by Chris Neil and Caleb Marten from KeyBank Real Estate Capital, representing Passco Cos. as brokers.