Wells Fargo Multifamily Capital closed a $52 million Fannie Mae loan to refinance a Florida apartment portfolio, Commercial Observer has learned.
Landlord Avesta Communities refinanced the portfolio to return 136 percent of invested capital on assets held for an average of 27 months, according to figures provided by Wells Fargo.
Three assets are in the greater Tampa/St. Petersburg area, and those accounted for 65 percent of the units in the group.
“The fundamentals in the Tampa/St. Petersburg submarkets, as well as the South Florida submarkets, remain attractive and Wells Fargo’s multifamily capital group plans to remain active in providing non-recourse financing solutions to clients within this market,” said Horatio Jones, the director of the Florida Region for Wells Fargo Multifamily Capital, in provided remarks.