Franklin Street obtains $20M loan on Tampa rentals

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.