Source: CanAm Capital Partners
FORT LAUDERDALE, FL - CanAm Enterprises announced that its private equity affiliate, CanAm Capital Partners (CACP), has closed on its latest real estate investment – $3 million from redeployed investor capital that has been successfully invested into Pacific Point Apartments in Fort Lauderdale, Florida to fund the repositioning of a 420-unit apartment community by the Frankforter Group.
CanAm Enterprises is a leading full-service financial firm sponsoring EB-5 immigration-linked investment funds. The $3 million in capital was originally part of a $350 million EB-5 loan provided for the construction of the Brightline high-speed rail line in South Florida. The redeployed capital will remain invested in the Pacific Point project to meet program requirements for EB-5 investors impacted by immigration backlogs.
“We are pleased to close on this investment in partnership with the Frankforter Group which has successfully executed this value-add strategy in the past, and we expect to realize solid risk-adjusted returns for our investors.” says John Reid, Director at CACP. “This closing marks $103 million in closed investments of our $220 million redeployment mandate within the state of Florida. We are in discussions with several other sponsors in Florida for the remaining $117 million of capital available within this pool and expect to fully deploy in the coming months”
Florida is one of the fastest-growing states by population in the country, and Pacific Point Luxury Apartments is a Class A property that combines both luxury and location. The property is conveniently located in Broward County between Florida’s Turnpike and I-95, in close proximity to both downtown Ft. Lauderdale and the Pompano Beach business district. The property offers high-end contemporary units along with amenities that include a resort-style pool with spa, fully-equipped fitness center and a 36-seat, high-definition movie theater.