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Commercial
South Florida

Freddie Mac loan finances $20.3M apartment building acquisition

The new owner used a three-year, $17.77 million loan to buy a 196-unit property

The Columns at East Bay apartment complex in Largo
The Columns at East Bay apartment complex in Largo

A buyer used Freddie Mac financing to acquire a garden-style apartment building in Largo for $20.3 million.

Insula Capital bought the 196-unit property, called Columns at East Bay, from ECI Group Inc. for about $103,500 per apartment.

Insula financed the acquisition with a three-year $17.77 million loan with interest-only payments and a loan-to-value ratio of 85 percent.

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The new owner obtained the loan through Freddie Mac’s Value-Add and Green Up programs, which provide financial incentives for “green improvements” that limit a property’s consumption of energy and water.

Berkadia marketed Columns at East Bay on behalf of the seller and arranged the acquisition financing for the buyer.

Built in 1986, Columns at East Bay consists of 15 two-story buildings on a 14.19-acre site at 3660 East Bay Drive in Largo, just south of Clearwater.

The property has 120 one-bedroom apartments and 76 two-bedrooms. Common-area amenities include a swimming pool, spa, clubhouse, lighted tennis court, playground and an on-site laundry.