Berkadia Provides $40M Acquisition Loan on Tampa Apartment Complex
Berkadia has originated just over $40 million in Freddie Mac (FMCC)-backed acquisition debt to a joint venture between Robbins Property Associates and LEM Capital to fund the purchase of an apartment community in Tampa, Fla., according to information from Berkadia.
The 10-year, floating-rate mortgage, which includes five years of interest-only payments, went toward the JV’s buy of the 297-unit Century Cross Creek complex in Tampa. The partnership is planning to rename the asset The Parq at Cross Creek.
Berkadia Senior Managing Director Mitch Sinberg and Senior Analyst Abigail Beauchamp, out of the firm’s Boca Raton outpost, arranged and secured the financing on behalf of the borrowing partnership.
“Tampa Bay’s diverse job growth has made it one of the most attractive places for economic and real estate development in the nation,” Sinberg said in a statement. “Even among small businesses, the area outpaced much of the U.S., with gains in employment that show promising signs of growth that reinforce strong multifamily fundamentals.”
Robbins and LEM are planning to deploy funds as part of a value-add strategy to upgrade the asset’s interiors, exteriors, and community amenities.
Built in 2008, the property is located at 10821 Cross Creek Boulevard, which is about 20 miles northeast of downtown Tampa, near the massive Lower Hillsborough Wilderness Preserve. The asset is near local schools and a sizable grocery-anchored retail center, and it is also situated about 15 minutes away from both the Hidden River Corporate Park and the master-planned Tampa Oaks Office Park, which feature large corporate employers like Johnson & Johnson and Liberty Mutual, respectively.
The gated complex, which saw the addition of three more residential buildings in 2014, sports one-, two- and three-bedroom residences, with monthly rents starting at just over $1,000 for the one-bedrooms to nearly $1,700 for the three-bedroom units, according to listing information on Apartmentguide.com.
Amenities at the location include detached, rentable garages; a car care center; a resident’s lounge with games; a coffee shop; a fitness center; a swimming pool’ a tennis court’ a “summer kitchen” with picnic areas; a child’s play area; a dog park and pet spa; and Amazon HUB lockers, according to the property’s website and information from Berkadia.
Officials at Robbins and LEM did not immediately respond to calls requesting comment.