PENSACOLA, FL-Signaling the continued strength of Florida multifamily assets, Hills Apartment Communities just closed on a $6.75 million refinancing deal on its debt on its Carriage Hills Apartments. Carriage Hills is a 260-unit garden style apartment complex.

Financing terms of the loan include a 10-year fixed-rate term, 30-year amortization schedule and loan-to-value of 75%. The lender was Miami Beach-based Archetype Mortgage Capital. Christopher Apone, vice president with CBRE, teamed with CBRE vice chairman Charles Foschini and vice chairman Christian Lee to arrange the financing on behalf of Hills Apartment Communities, working with principal John Sylvester.

“The Pensacola and Panhandle markets are a bit tougher than primary markets like South Florida and Orlando due to a lack of current economic drivers and industry,” Apone tells GlobeSt.com. “However, fundamentals are improving and we believe the area’s high quality of life and low cost of living will continue to attract new migration and business ventures.”

Built in 1973, Carriage Hills underwent a substantial renovation between 2005 and 2008 with nearly $4 million in capital improvements, including new roofs, windows, unit upgrades and landscaping. The property, located at 2955 West Michigan Ave., is in the heart of the Pensacola metropolitan area with convenient access to major employment center, shopping, churches and schools.

“This loan illustrates the lending arena’s appetite to place loans on quality multifamily assets in non-core markets,” Apone says. “Furthermore, it exhibits the reemergence of securitized lenders as a borrower option versus the standard agency lender route that is typical for multifamily borrowers.”