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CLEARWATER, FL-CH Realty/IV Largo LLC has secured $24.5-million, 10-year fixed rate financing for the 288-unit Alta Largo apartment complex.

The financing was arranged by CBRE/Melody Hartford office managing director Michael Riccio and Michael Strober, of the firm’s Tampa office, secured the financing. The lender was Hartford-based Hartford Investment Management Co. CH Realty/IV Largo is an affiliate of Dallas-based Crow Holdings.

“The Hartford Investment Management Co. offered attractive financing and a competitive rate and worked diligently to close the loan simultaneously with the acquisition,” Riccio says. “The property was approximately 93% occupied at the closing.”

Situated on 19 acres surrounding a lake, the class A complex was developed in 2005 by Atlanta-based Wood Partners. The complex consists of 12 three-story garden-style apartment buildings. The complex has one-bedroom, one-bathroom units ranging from 785 sf to 814 sf; two-bedroom, two-bathroom units that are 1,205 sf and three-bedroom, three-bathroom units that are 1,560 sf. It is located in Pinellas County, which is the most densely populated county in the state. The county has a high concentration of high-tech companies and is located at the west end of the High-Tech Corridor, which stretches from Daytona Beach in the east to the Tampa Bay Area in the west.

The loan is the first transaction between CH Realty/IV Largo and the Hartford Investment Management Co.

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