TAMPA, FL—Wildwood acres, a 340-unit multifamily community in Tampa, FL, has won the trust of lenders. The owner inked a $16.4 million refi on the multifamily property.

HFF helped owner secure a seven-year, 2.42% adjustable-rate loan through Freddie Mac's CME Program. HFF will service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program. HFF director Elliott Throne and associate director Todd Adams from HFF's Miami office, along with local market support from director Matt Mitchell in HFF's Tampa office, led the debt placement team.

"While some borrowers are locking in long-term, fixed-rate financings, others are taking great advantage of Freddie's seven-year, adjustable rate loan structure," says Throne. "These loans offer great starting rates—in the mid-2% range with the expectation to stay low for the next few years—and very flexible prepayment schedules.”

Wildwood Acres is a multifamily project with 168 single-story duplex buildings and one quadraplex building offering single-family home type features such as private front entrances and large fenced in backyards. Sitting on about 34.86 acres, the property is 99% leased and includes a mixture of one-, two-, three-, and four-bedroom units averaging 946 square feet each.  

The multifamily community's amenities include two swimming pools, a laundry facility, several picnic areas and dog park. Wildwood Acres is located at 13418 Dottie Drive within minutes of Interstate 75, Fletcher Avenue and the University of South Florida's main campus.