TAMPA, FL—Blue Rock Partners has been running hard on the multifamily development front—and HFF is helping it secure financing to keep pressing. HFF arranged an $8.5 million refi for Blue Rock’s The Park at Chesterfield.
HFF set up the seven-year, 2.48% floating-rate loan through Freddie Mac‘s (Federal Home Loan Mortgage Corporation) CME Program. HFF managing director Elliott Throne and associate Todd Adams from the firm’s Miami office, along with Michael Tabor from the Tampa office, led the charge.
“Blue Rock, like many borrowers today, strategically took advantage of the aggressive financing market that is allowing deals to secure longer terms at very low rates with flexible prepayment options,” says Throne. The Park at Chesterfield is a 244-unit, garden-style multifamily community in Tampa, FL.
The multifamily project is located at 5039 Chalet Court in northeast Tampa near Busch Gardens Tampa and Adventure Island waterpark. Renovated in 2011, the apartment complex is 93% leased.
“Lenders are actively trying to capture new financings and apartment owners continue to benefit from the extremely favorable capital market we are experiencing,” Throne says. “Even if a borrower has a loan that is maturing in the next 12 to 18 months, it’s absolutely worth exploring the economic benefits of recapitalizing the loan today to lock in great long-term financing.”