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.
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.
“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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