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Delray firm arranges loan to buy Tampa-area rentals
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.
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.”