SMBC Lends $102M on SoHo Capital’s The Pearl Apartments in Tampa
By Andrew Coen August 26, 2021 4:27 pm
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SoHo Capital has nabbed a $102 million debt package to refinance Tampa, Fla., multifamily development, Commercial Observer has learned.
Sumitomo Mitsui Banking Corporation (SMBC) provided the loan for The Pearl, an apartment complex located 2110 North Ola Avenue within a master plan development called “The Heights” next to Armature Works.
“This was an outstanding opportunity to provide financing on a stabilized Class A multifamily complex in Tampa with great market fundamentals and Sponsorship with an excellent track record,” Alex Cabria, Director of Originations, Real Estate Finance Group at SMBC Americas Division, told CO. “We were very impressed with the Pearl’s performance and this project was able to qualify for SMBC’s core balance sheet lending program, which offers best in market terms and pricing. It was a great execution all around.”
Newmark (NMRK) arranged the financing in a transaction led by Jordan Roeschlaub and Dustin Stolly, vice chairmen and co-heads of the debt and structured finance team, along with Nick Scribani, Chris Kramer, Danny Matz and Don Pavlov.
“The exceptional track record and operational experience by the SoHo team were instrumental in this execution,” Stolly said in a statement. “We were able to build on SoHo’s impressive track record in the Heights district and sell the future demand of residents wanting to live in Tampa’s hottest neighborhood.”
The 314-unit property located in the northern end of Tampa’s Riverwalk neighborhood features 27,418 square feet of ground-floor retail and entertainment space. Its amenities include a sky lounge overlooking the riverwalk, pool, outdoor living room, fire pit, conference room and business center.
“This financing just proves the resiliency of the capital markets for in-favor asset classes and locations with quality sponsorship teams,” Roeschlaub said in a statement. “We had a number of lenders clambering over themselves to participate in this opportunity.”
Officials for SoHo Capital did not immediately respond to requests for comment on the transaction.
Andrew Coen can be reached at acoen@commercialobserver.com.
