Citi Refis Two Florida Apartment Complexes With $69M CMBS Loan

Developer Copperline Partners has sealed $69 million of commercial mortgage-backed securities (CMBS) debt to refinance two Florida multifamily properties, Commercial Observer has learned.

Citi originated the five-year, interest-only CMBS conduit loan for Copperline’s 168-unit Innovo Living property in Sunrise, Fla., and its 193-unit Living on Waters in Tampa. The refi closed at a sub-6 percent interest rate, according to Meridian Capital Group, which negotiated the financing.

Meridian arranged the transaction with a team led by Carol Shelby and Ariel Taieb.

“Deals like these require real engagement from all sides,” Shelby, managing director at Meridian, said in a statement. “Copperline’s experience stood out, and Citibank remained committed throughout, navigating the complexities to achieve”

Located at 8798 NW 38th Street 11 miles northwest of Downtown Fort Lauderdale, the 1988-built Innovo Living features one- and two-bedroom apartments. Community amenities include a swimming pool, a tennis court, a clubhouse and a fitness center.

The 2016-built Living on Waters at 8421 Del Lago Circle in Tampa consists of studio to three-bedroom floor plans. Its community amenities include a fitness center, a swimming pool and a billiards room. 

Copperline Partners and Citi did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.