Franklin Street obtains $20M loan on Tampa rentals

Miami /
Jan.January 30, 2016 12:15 PM

Franklin Street Capital Advisors obtained a $20 million loan secured by the Campus Palms Apartments in Tampa on behalf of an unidentified Miami-based landlord.

Ben Miller and Casey Siggins of Franklin Street obtained the 10-year non-recourse loan with a 4.85 percent fixed rate of interest. Campus Palms is a student housing complex near the University of South Florida.

Siggins said in a press release that “rates for strong borrowers have started to increase, even for well stabilized assets, due to improved market conditions and the Fed increasing interest rates.”

Franklin Street secured the loan on behalf of a Miami-based investor in multifamily residential properties who focuses on the Tampa market.

Franklin Street said in a press released that the non-recourse loan provided the borrower with a “significant amount of cash-out equity,” which will be used to repay debt on other properties in the borrower’s portfolio and to bid for more rental properties in Tampa.

Siggins said in a press release that “rates for strong borrowers have started to increase, even for well stabilized assets, due to improved market conditions and the Fed increasing interest rates.”

Franklin Street secured the loan on behalf of a Miami-based investor in multifamily residential properties who focuses on the Tampa market.

Franklin Street said in a press released that the non-recourse loan provided the borrower with a “significant amount of cash-out equity,” which will be used to repay debt on other properties in the borrower’s portfolio and to bid for more rental properties in Tampa.

 
 

Related Articles

arrow_forward_ios
Rilea Group President Diego Ojeda and RealtyMogul CEO Jilliene Helmanwith renderings of Mohawk at Wynwood. (Rilea Group Renderings, InFlight LLC, RealtyMogul)
Rilea Group plans multifamily project on Wynwood site purchased for $22M
Rilea Group plans multifamily project on Wynwood site purchased for $22M
6320 Southwest Eighth Street with Jeff Ardizon and Robert Suris of The Estate Companies. Westdale president and CEO Joe Beard (Soleste Alameda)
Estate Companies sells Soleste Alameda apartments in West Miami for $83M
Estate Companies sells Soleste Alameda apartments in West Miami for $83M
From left: 501 Northwest 46th Street in Miami, Global Horizons' Shai Yitzhaki, Guy Goldberg and 521 NW 49th Street in Miami (Google Maps)
Global Horizons buys Buena Vista and Little Haiti portfolio for $13M
Global Horizons buys Buena Vista and Little Haiti portfolio for $13M
Harbor Group president Richard Litton and AIR Communities CEO Terry Considine in front of the apartment complex (Harbor, AIR, City Center on 7th)
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
Aimco spinoff buys Harbor Group’s Pembroke Pines apartments for $223M, marking largest South Florida multifamily sale this year
Jean Francois Roy and renderings of the Fort Lauderdale project (OceanLand)
Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
A rendering of the project and Nicole Kushner Meyer (Kushner)
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
Boardwalk Properties sued for alleged racial discrimination
Boardwalk Properties sued for alleged racial discrimination
1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...