TAMPA, FL—Multifamily assets in the Tampa Bay area are winning financing. CBRE just arranged $12.6 million in financing for two multifamily complexes in St. Petersburg and Dunedin, FL.
The two multifamily assets are Gateway Apartments at 2000 Gandy Boulevard North in St. Petersburg and Lo Garto Apartments located at 257 Milwaukee Avenue in Dunedin. The multifamily properties offer a combined 332 apartment units.
CBRE worked on behalf of the buyer to secure acquisition financing through Freddie Mac. Both are 10-year loans with partial interest only and represent a 75% loan-to-value ratio. Proceeds were used to acquire both multifamily properties.
“These two loans are on the small side for Freddie Mac, but Freddie recognized the buyer's management acumen and therefore provided loans that were as aggressive in their terms as they would have been for a much larger property,” says Charles Foschini, vice chairman with CBRE's Debt and Equity Financing Group. The CBRE team, representing the borrower also included Christian Lee and Christopher Apone.
Gateway Apartments is directly on Gandy Boulevard, a major east/west thoroughfare that offers direct access to Tampa. The multifamily property has 11, one and two-story buildings. Amenities include an on-site laundry facility, basketball court, racquetball court, designated boat storage, picnic area with grills, and a pool.
Located at 257 Milwaukee Avenue, Lo Garto Apartments is a 188-unit garden apartment community that offers six, two-story and three-story buildings and one, one-story building. Amenities include on-site laundry facilities, fitness center, designated dog walking area, picnic areas with grills and scenic lake views, park like setting, and a swimming pool.
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