Hudson partners Andrew and Neil Greenbaum, Seth Frohlich,Abraham and Eric Galbut acquired the garden-styled property at10263 Gandy Blvd. from the $105-billion California State TeachersRetirement System (CalSTERS) of Sacramento, CA, the second largestpension fund in the US next to its sister fund, the $150-billionCalifornia Public Employees Retirement System (CalPERS).
The 32-acre property has one-bedroom and two-bedroom units whichaverage 849 sf per unit. The property is near Interstate 275 andtwo international hotels in the Tampa Bay area.
New York-based Walden Capital Corp., a private equity firm,provided a mezzanine loan at 92% of the asset's cost. Merrill LynchCapital provided a three-year adjustable rate senior loan for 85%of the cost.
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