TAMPA, FL—Summer Palms, a 340-unit, garden style multifamily project in the Tampa suburb of Riverview, FL, has won investor confidence. HFF just arranged $29 million in financing for the complex.

HFF worked on behalf of the borrower, an entity controlled and managed by Beachwold Residential, to secure the 36-month, bridge/acquisition loan. GE Capital Real Estate made the loan.

“Most apartment investors are searching for value-add opportunities that still have true upside in rents,” HFF managing director Elliott Throne, tells GlobeSt.com. “By pairing these investors up with aggressive bridge capital providers, we have further helped buyers achieve great returns in an overall sales market where competition is making it difficult to find a 'good' deal.”

Located at 10220 Summer Palm Drive between Interstate 75 and US Highway 301 near Big Bend Road in Riverview, Summer Palms is about 20 miles southeast of Downtown Tampa. The multifamily project was built in 2001 and is 95% leased.

“Beachwold has been finding strong value-add opportunities to buy in the Florida market and has repositioned them with great success,” says Throne. “The loan from GE will allow them to offer a great updated product for both existing residents and new residents who are coming into the market due to the arrival of the area's new hospital.”

St. Joseph's Hospital is building a new $225 million hospital. St. Joseph's Hospital South opens in 2015 across the street from the asset.

The HFF debt placement team representing Beachwold was led by Throne, senior managing director Mona Carlton, associate director Todd Adams, real estate analyst Maxx Carne. HFF director Michael Tabor, who is based in the firm's Tampa office, also worked on the deal.