MIAMI—Two multifamily properties in a Tampa submarket have won the confidence of investors. Plantation Key and Providence Park, both in Brandon, FL, have secured a $49.62 million acquisition and renovation loan.
Aztec Group, a Miami-based real estate investment and merchant banking firm, secured the loan. Aztec managing director Jason Shapiro and senior associate Sean Harrington worked on behalf of the borrower, an affiliate of Tampa-based Blue Rock Partners. Blue Rock owns and manages a growing portfolio of multifamily properties throughout Central Florida.
“I think what was most significant about this deal was the lender’s ability to close very quickly on a large loan on an un-stabilized apartment portfolio with a sizeable renovation component,” Shapiro tells GlobeSt.com. “From beginning to end, the transaction took 60 days, and there was no additional time allowed given that it was an acquisition.”
Plantation Key offers 712 units situated on 44 acres located at 1918 Plantation Key Circle and has a total of 33 three-story buildings. Providence Park, located directly across the street from Plantation Key, offers 270 units sitting on more than16 acres. Located at 401 Providence Road, this property includes nine three-story buildings. Shapiro says the deal points to the “strong value of income-generating assets, along with Blue Rock’s reputation.
The three-year, non-recourse, interest-only loan provided financing for 75% of the total project cost. The loan will allow the borrower to invest approximately $6 million to facilitate exterior, common area, amenities, and interior unit improvements at both communities. The balance sheet loan may be prepaid at par any time after the first 18 months.