Berkadia Provides $34M in Freddie Mac Debt for Tampa Multifamily Buy
By Mack Burke June 5, 2019 2:03 pm
reprints
Berkadia has originated a $33.5 million Freddie Mac (FMCC) loan to facilitate Boston-based Taurus Investment Holdings’ purchase of an apartment community in Tampa, Fla., according to information from the lender.
The 10-year agency loan, which includes five years of interest-only payments, went toward global private equity firm Taurus’ $49.9 million purchase of the 280-unit complex, called Lofton Place, from Illinois-based Providence Management Company, indicating a 67 percent loan-to-value. (Multi-Housing News first reported the sale price.)
Berkadia’s Mitch Sinberg, Matthew Robbins and Wesley Moczul originated the debt out of the firm’s Boca Raton office.
“Ranked within the top five places to start a business in the U.S. and contributing to Florida’s low unemployment rate that’s below the national average, Tampa’s market continues to illustrate favorable multifamily fundamentals for investment,” Sinberg said in prepared remarks. “As supply and demand of apartment units reaches equilibrium, the opportunity for rent growth remains as in-migration flows continue throughout the metro area.”
Built in 1988, Lofton Place is a 12-building complex at 5412 Deerbrooke Creek Circle, just northeast of Tampa’s downtown.
It includes one-, two- and three-bedroom units, with patios and balconies and in-unit washer and dryer combinations. The community features amenities such as a swimming pool and a covered spa, a sun deck, a resident clubhouse, a 24-hour fitness center and a care care center.
Monthly rents start at just over $1,000 for one-bedroom units and at $1,225 for two-bedroom apartments\, according to the property’s website. There is currently one three-bedroom apartment available for rent at $1,685 per month, according to a property management official for Lofton Place.
A spokeswoman for Taurus did not immediately respond to an inquiry.
