The Real Deal Miami

Freddie Mac loan finances acquisition of apartment complex near Tampa

Robbins Property Associates used the $24M loan to finance its purchase of the 228-unit Lakeside Apartment Homes property in Brandon
February 11, 2018 03:00PM

Berkadia managing director Mitch Sinberg

A buyer used a Freddie Mac loan to pay $30 million, or about $131,000 per unit, for an apartment complex in Brandon, an unincorporated suburb just east of Tampa.

Robbins Property Associates financed the acquisition of the 228-unit property with a $24 million Freddie Mac loan, according to Berkadia, a real estate finance firm that arranged the loan, which was structured with a lofty loan-to-value ratio of 80 percent.

Robbins Property, which has offices in Tampa and Boston, obtained a 10-year Freddie Mac acquisition loan with a floating interest rates and five years of interest-only payments.

The loan is secured by Lakeside Apartment Homes, the rental complex at 529 South Parsons Avenue in Brandon that Robbins Property acquired.

A three-member team at Berkadia’s South Florida office arranged the $24 million loan: managing director Mitch Sinberg, associate director Matthew Robbins and senior analyst Eric Savir.

Employment growth in the Tampa area is “making value-add properties in suburban communities compelling opportunities for investors,” Sinberg said in a prepared statement. – Mike Seemuth