Berkadia Leads $38M Recap for Tampa Apartments

Beacon Real Estate Group has secured a $38.35 million financing package for the recapitalization of a multifamily asset in Tampa, Fla., Commercial Observer has learned.

Berkadia originated a $29.93 million, five-year fixed-rate Freddie Mac-backed loan for the developer’s 224-unit Pointe at Carrollwood property in northwest Tampa. Atlantic Pacific Companies also provided an $8.42 million preferred equity investment in the deal. 

Beacon acquired ithe now-95 percent leased property n 2022 for $51.5 million when it was facing  was facing a looming loan maturity. 

Berkadia brokered the senior loan with a team consisting of Scott Wadler, Matt Nihan, Matt Robbins, Brad Williamson and Mitch Sinberg.

“Proceeds of the loan will be used to pay off the prior acquisition loan and allow the sponsor to continue its value-add business plan” Wadler said in a statement. 

Wadler added that the Carrollwood submarine of Tampa is one of the “top performing” for rent growth thanks to limited new supply. 

Since purchasing Pointe at Carrollwood in March 2022, Beacon has implemented more than $3.6 million of capital improvements to the property, according to Berkadia. 

Located at 4949 Marbrisa Drive 11 miles from downtown Tampa, the 1984-built apartment complex comprises one and two-bedroom units. Community amenities include a pool, grilling area, fitness center, boardwalk, car care station and playground.

Matthew Cohen, vice president at Atlantic Pacific Companies, said in a statement that the recap investment “aligns” with its strategy of providing capital for “well-located multifamily assets in high-growth markets like Tampa.”

Officials at Miami-based Beacon Real Estate Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com