Greystone Provides $34M FHA Loan to Refinance a Tampa Rental Property

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Greystone has originated $34 million in Federal Housing Administration-backed debt provided to a private real estate investor to refinance a multi family property in Land O’ Lakes, Fla., Commercial Observer has learned. 

SEE ALSO: Dwight Capital Provides $36M HUD Loan on Seattle Suburb Rental Asset

The 35-year, fixed-rate mortgage was provided to Tampa, Fla.-based investor Richard Trzcinski, the principal of an entity by the name of Collier Commons Apartments (as well as numerous other LLCs), and is backed by The Lakes at Collier Commons, a 252-unit apartment community at 22743 Preakness Boulevard in Land O’ Lakes, a small suburban area located just north of Tampa. The debt provides for the continuation and completion of ongoing maintenance work and allowed the borrower to “monetize their existing equity,” according to Greystone.

The loan is a U.S. Department of Housing and Urban Development (HUD) Section 223(f) financing, which is dedicated to providing debt capital for the purpose of acquiring or refinancing select rental housing across the country.

Greystone’s Eric Rosenstock — out of the firm’s New York office — originated the loan on behalf of Trzcinski’s Collier Commons Apartments.

“[Our track record gives our] clients the comfort of certainty of execution, not only during today’s uncertain financing environment, but through all market cycles,” Rosenstock said in a prepared statement. “We are happy to add this deal to our $60 billion servicing portfolio.”

Trzcinski said in prepared remarks that this long-term financing, low-rate financing “enables us to continue to enhance this property for our residents.”

The Lakes at Collier Commons was built in 2004 and comprises 10 garden-style apartment buildings, with one-, two- and three-bedroom residences. Each of the units include laundry machines and screened balconies or patios. The site includes a clubhouse building with a business center and on-site parking, and it features a pool and spa, a 24-hour fitness center, a car wash and on-site parking. 

The name of the neighborhood, Land O’ Lakes, is not figurative. The area is literally littered with small bodies of water, lakes and ponds. As such, The Lakes at Collier Commons provides for a number of recreational offerings, including on-site fishing and canoe rentals. There’s also a playground and sand volleyball court at the property, according to its website. 

Monthly rents at the location range from just over $1,000 for one-bedrooms to around $1,600 for three-bedroom units, according to information from Apartments.com.