WTI Lands $55M Refi for Multifamily Community in Florida
WTI, Inc has landed a $54.8 million refinancing for a multifamily property in Fort Myers, Fla., Commercial Observer has learned.
As a Freddie Mac (FMCC) seller-servicer, Newmark (NMRK) arranged the fixed-rate financing with a team led by Matthew Williams, James Maynard, Kyle Schlitt, Robert Wright and Alexis Ashley-Pierre.
Located at 15270 Ballast Point Drive, Channelside Apartments is a 325-unit, Class A multifamily property built in 2015. Community amenities include a pool, a fitness center, a spa and detached garages.
“We were pleased to have the opportunity to assist WTI, Inc. in refinancing Channelside Apartments with a 10-year, fixed-rate loan with interest-only payments,” Maynard said in prepared remarks. “The WTI team was able to capitalize on its keen real estate management skills to repatriate equity in connection with the refinancing, allowing the firm to continue executing its business plan.”
National multifamily returns continue to outpace inflation for the past quarter, according to Newmark Research. Total returns through the second quarter of 2022 averaged 24.4 percent on an annualized basis, a 450-basis-point increase from 2021. While inflation reached 9.1 percent, a level not seen in over 30 years, real returns for multifamily rose to 15.3 percent — significantly surpassing inflation. This has been the case over the past 40 years, except for the early 1990s recession and the Great Recession, according to Newmark.
Officials at WTI Capital did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com.
