Altis Acquires Luxury Multifamily High-Rise

MIAMI—Altis has won the confidence of Freddie Mac, securing a $15.6 million loan for Skyline Fifth. The 178-unit luxury high-rise multifamily property calls St. Petersburg, FL home.

HFF worked to secure the 10-year, 3.71 percent, fixed-rate loan for Altis through the agency's CME Standard Execution Program. Loan proceeds were used to acquire the multifamily property. HFF director Elliott Throne and executive managing director Manny de Zárraga handled the financing.

“The capital markets are offering great financing terms for borrowers who are looking to further enhance quality assets,” Throne tells GlobeSt.com. “With continued rent growth forecasted, well occupied properties taking advantage of these debt terms will provide great cash on cash returns for investors on a long term basis.”

Skyline Fifth is located at 441 33rd Street North close to Interstate 275 and St. Pete Beach in the Kenwood area. Originally built in 1962, the property was completely renovated in 2009. The multifamily asset is currently 97% leased. Skyline Fifth features one- and two-bedroom units in nine different floorplans. Community amenities include a swimming pool, cardio center and a café lounge with internet access.

“The borrower locked in great, long-term financing on a practically brand new asset whose local popularity is evidenced by its very high occupancy,” Thorne says. “Like many borrowers today, who are taking advantage of this very low interest rate environment, the buyer now has a great financial asset to go along with their real estate asset.”