TAMPA, FL—Summer Palms, a 340-unit, garden stylemultifamily project in the Tampa suburb ofRiverview, FL, has won investor confidence. HFFjust arranged $29 million in financing for the complex.

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HFF worked on behalf of the borrower, an entity controlled andmanaged by Beachwold Residential, to secure the36-month, bridge/acquisition loan. GE Capital RealEstate made the loan.

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“Most apartment investors are searching forvalue-add opportunities that still have true upside in rents,” HFFmanaging director Elliott Throne, tellsGlobeSt.com. “By pairing these investors up with aggressivebridge capital providers, we have further helpedbuyers achieve great returns in an overall sales market wherecompetition is making it difficult to find a 'good' deal.”

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Located at 10220 Summer Palm Drive between Interstate 75 and USHighway 301 near Big Bend Road in Riverview, Summer Palms is about20 miles southeast of Downtown Tampa. Themultifamily project was built in 2001 and is 95%leased.

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

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

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The HFF debt placement team representing Beachwold was led byThrone, senior managing director Mona Carlton,associate director Todd Adams, real estate analystMaxx Carne. HFF director MichaelTabor, who is based in the firm's Tampa office, alsoworked on the deal.

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