Sound Point Capital Supplies $53M Acquisition Loan for Tampa Area Apartments
By Andrew Coen October 8, 2021 5:07 pm
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GMF Capital has inked a $53 million debt package to acquire a multifamily property in a master-planned community just outside of Tampa, Fla., Commercial Observer can first report.
Sound Point Capital Management provided the three-year, floating-rate loan to help finance GMF Capital’s acquisition of FishHawk Ranch, a 260-unit, garden-style apartment complex in Lithia, Fla. GMF Capital purchased the property from Inland National Development Company for $66.3 million.
“The Sound Point Team was pleased to have closed on a quality asset with an A+ sponsor and brokerage team,” Matthew Donnelly, Head of CRE Originations at Sound Point, told CO. “The mobilization of people to the Florida market and constrained quality rental options was a leading investment thesis for us lending on the property.”
JLL (JLL) Capital Markets arranged the financing with the debt advisory team of Elliott Throne, a senior managing director, Brian Gaswirth, a managing director, Jesse Wright, a director, and Kenny Cutler, an associate, representing the borrower.
“GMF Capital continues to impress with their ability to identify multi-housing assets within incredibly strong growth markets,” Gaswirth said in a statement. “Sound Point was able to structure a creative debt solution which will give GMF the ability to maximize the property’s return potential.”
The GMF Capital acquisitions team is led by Jared Frydman and Alejandro Ramirez. Jordan Heller spearheads the Sound Point’s Southeast origination team. w.
Located at 13930 Spector Road, in the master-planned community of FishHawk Ranch, the property features studios, and one-, two- and three-bedroom units averaging 1,045 square feet. The community’s amenities include fitness center, pool with cabanas, clubhouse, courtyard, picnic area, business center, bike storage and conference rooms.
“GMF is thrilled at the opportunity to work with the Sound Point team, a nimble and dynamic organization who’s speed and flexibility made for a terrific execution,” Frydman told CO. “We look forward to furthering the relationship and partnering together on future opportunities.”
Andrew Coen can be reached at acoen@commercialobserver.com.
