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
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