Delray firm arranges loan to buy Tampa-area rentals

Casa Cornicana in Seminole
Casa Cornicana in Seminole

Delray Beach-based commercial mortgage banking firm Dockerty Romer & Co. arranged $3.87 million of non-recourse debt to fund the acquisition of a Tampa-area apartment property.

A Newport, California-based investor group borrowed the money to buy Casa Corsicana, a low-rise, 53-unit apartment complex in the city of Seminole. Located 1.8 miles from the Pinellas County beaches, Casa Corsicana recently underwent a $1.5 million renovation.

Several local banks competed to provide the purchase financing, but none of them met the borrower’s requirement for a non-recourse loan equal to 73 percent of the cost of the apartment property.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The non-recourse loan has a seven-year term and a fixed rate of 4.6 percent with a 30-year amortization schedule.

Michael McClearly of Dockerty Romer secured the loan for the California investor group, sain a press release that his firm “decided to work the deal with one of our Freddie Mac lending sources with whom we have a strong relationship, and the loan was closed in just under 60 days.”