Millennium Westshore Apartments Wins $37M in Financing

TAMPA, FL— Millennium Westshore Apartments, a 379-unit, class A garden-style multifamily community, has secured $37.15 million in financing. HFF arranged the deal for AIG Global Real Estate. Freddie Mac provided the five-year, fixed-rate loan through its Federal Home Loan Mortgage Corporation CME Program.  

Millennium Westshore Apartments is one mile north of Interstate 275 and minutes away from International Plaza, Tampa International Airport and Old Tampa Bay in Downtown Tampa. The multifamily asset is 94% occupied.

“This property attracted significant lender interest due to the sponsorship and its prime location in one of the strongest submarkets in the Tampa metropolitan area,” HFF director Elliott Throne said in a statement. “Ultimately, Freddie Mac was able to offer the highest proceeds at the lowest rate on a five-year term as the debt yield was very aggressive.” Throne and HFF managing director Matthew Schoenfeldt led the deal for AIG.

The multifamily asset has five four-story residential buildings consisting of one-, two- and three-bedroom units. Built in 2010, community amenities include a five-story parking garage, media room, resident lounge, demonstration kitchen with cooking classes, fitness center, tanning beds, and outdoor pool with outdoor kitchen.

Robert Given, an executive vice president at CBRE and a member of its South Florida Multi-Housing Group team, tells GlobeSt.com he’s seen more multifamily product come to market this year than in the past several years. In fact, he says, 2012 is the highest volume year for multifamily since 2006.

“For quality assets, we are at historical highs on deals where the asset was bought as apartments,” Given says. “We are not yet at historical highs as it relates to buyers who bought for condominium conversion. I am not sure when that high will occur because that was an anomaly, but we are back to peak prices for a standard income stream multifamily communities.”