PGIM Lends $91M on 29th Street Capital’s Dual Tampa Rental Acquisition


PGIM Real Estate has provided about $91.5 million in financing to facilitate 29th Street Capital’s (29SC) purchase of two apartment communities in and around Tampa, Fla., according to information from Berkadia, which arranged the debt on behalf of the buyer. 

The three-year, floating-rate loan, which will pay interest at a sub-3 percent rate, went toward 29SC’s $112 million acquisition of the 315-unit Henley Tampa Palms in Tampa and the 188-unit Enclave at Northwood in Clearwater, Fla., from Preston Giuliano Capital Partners, a source familiar with the deal confirmed. 

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An official at Preston Giuliano Capital did not respond to an inquiry prior to publication. 

About $85.4 million of the loan was funded upfront, with approximately $6.1 million set aside to be funded later for capital improvements that will be made to the two properties. 

PGIM Vice President Trevor Arnholt, who originated the loan, said that his group’s “appetite for core plus lending remains robust, particularly for multifamily assets located in Florida and other key U.S. growth markets.” 

Four Berkadia financing professionals from four separate Florida offices combined to tackle the deal on behalf of 29SC: Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul.

“The Tampa metro area has benefitted from a roaring Sun Belt surge,” Williamson said. “While the pandemic curbed apartment demand nationwide due to public health lockdowns, greater Tampa-St. Petersburg bucked the U.S. trend, and leasing activity in the second quarter was nearly double the new supply. This acquisition illustrates the strong investor demand for well-located multifamily assets in the region.”

Henley Tampa Palms was built in 1997 and is located at 15350 Amberly Drive, surrounded by park space and ample amounts of shopping. It sports one-, two- and three-bedroom residences, ranging in size from about 940 square feet to nearly 1,700 square feet, that include attached parking garages. The complex has a clubhouse building, a pool, a fitness center, racquetball courts and a dog park.

Monthly rents at Henley Tampa Palms range from more than $1,300 for one-bedroom units to almost $2,200 for three bedrooms, according to listing information from

Enclave at Northwood — at 2690 Enterprise Road East in Clearwater — is a complex that was built in 1985 and features one-, two- and three-bedroom apartments, ranging in size from more than 800 square feet to about 1,600 square feet. The property has a central clubhouse, a tennis court, a fitness center and two pools, and — similar to Henley at Tampa Palms — the area around has a bevy of shopping outlets and green space, including a sizable public dog park across the street. 

Monthly rents at the Enclave at Northwood range from more than ​​$1,300 for the one-bedroom units to about $2,200 for the three-bedroom residences, according to listings on

“We target irreplaceable assets in desirable locations,” said 29SC Vice President of Acquisitions Christopher Steiner. “These properties are two more superb additions to a coast-to-coast multifamily portfolio that our team has expanded by more than 4,500 units across 20 acquisitions last year.” 

PGIM has had a busy year, thus far, as it relates to its work in core plus and high-yield debt financing; it has originated more than $1.3 billion via those two avenues so far this year, according to a Sept. 9 announcement from the company. 

“We’ve been taking a broader strategic approach to lending beyond the multifamily and industrial sectors and across the capital stack, looking at all property types throughout the top 50 markets in the U.S.,” PGIM Real Estate Head of U.S. Originations Marcia Diaz said as part of the Sept. 9 announcement. “This year’s strong loan activity demonstrates our success meeting borrower demand for core plus and high-yield real estate financing and our ability to source debt investments that will also provide a steady stream of income to our investors.”

Mack Burke can be reached at