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

Miami /
Feb.February 11, 2018 03:00 PM

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


Related Articles

arrow_forward_ios
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Renderings of Venus with Erik Rutter and David Weitz (ImageFiction)
Carpe secures approval for North Miami Beach mixed-use apartment project
Carpe secures approval for North Miami Beach mixed-use apartment project
From left: Damien Barr and Ned Grace of NDT Development; Joe Furst of Place Projects; a rendering of the planned redevelopment of the Nora District in downtown West Palm Beach (ArquitectonicaGEO, Place Projects, NDT Development)
West Palm developers secure capital partner for Nora District projects
West Palm developers secure capital partner for Nora District projects
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
arrow_forward_ios

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

Loading...