Owners refinance St. Petersburg rentals with $23.7 million Freddie Mac loan

The 30-year-old Isles of Gateway complex has 212 apartments and monthly rents starting at $1,030

TRD MIAMI /
Dec.December 24, 2017 02:00 PM

Isles of Gateway at 10600 Fourth Street North in St. Petersburg

The owners of a 212-unit apartment complex in St. Petersburg refinanced the property with a $23.7 million from government-sponsored lender Freddie Mac.

Rosehill Group and GPC Truss landed the loan secured by their 30-year-old apartment complex, called Isles of Gateway, which has monthly rents starting at $1,030.

Freddie Mac structured the 10-year loan with an 80 percent loan-to-value ratio, a 30-year amortization schedule and five years of interest-only payments.

Freddie Mac originated the loan through its Green Advantage program, which rewards borrowers with attractive loan pricing for obtaining certification of energy-saving property improvements or demonstrating a commitment to making such improvements.

Isles of Gateway is at 10600 Fourth Street North in St. Petersburg in the city’s Carillon/Gateway area, with easy access to the downtown areas of St. Petersburg and Tampa as well as Tampa’s commercial Westshore area and Tampa International Airport.

The 18-acre apartment complex has one-, two- and three-bedroom apartments, each with stainless steel appliances, wood-plank flooring and a screened-in balcony or patio.

Among the common-area amenities are a 24-hour gym, swimming pool and Jacuzzi, plus lighted tennis and basketball and tennis courts and two pet parks.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, helped Rosehill Group and GPC Trust to obtain the Freddie Mac loan.

Mitch Sinberg, Berkadia’s South Florida senior managing director, senior director Brad Williamson and associate director Matthew Robbins arranged the financing. – Mike Seemuth


Related Articles

arrow_forward_ios
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Fortune International Group’s Edgardo Defortuna, Château Group’s Manuel Grosskopf and a rendering of the project

Fortune and Château score $119M refi for Sunny Isles condo project

Fortune and Château score $119M refi for Sunny Isles condo project
Rendering of the project and from left: Vince Signorello, Ricardo Caporal and Greg West

Zom Living, partners score $57M loan for Ludlam Trail project

Zom Living, partners score $57M loan for Ludlam Trail project
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Shoma nabs $18M construction loan for condos near Lincoln Road
Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Kushner lands $18M loan for Wynwood projects
Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Developer scores financing for West Kendall affordable housing project
arrow_forward_ios

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

Loading...