The Real Deal Miami

Buyer finances acquisition of Tampa-area apartments with $10M Freddie Mac loan

The 121-unit Seaside Villas apartment complex in Gulfport is on Boca Ciega Bay and about 28 miles from downtown Tampa
July 28, 2018 03:00PM

Seaside Villas in Gulfport (Credit: ApartmentRatings.com)

The buyer of a 121-unit apartment complex in the Tampa area got a $10 million loan to finance the acquisition.

The garden-style apartment complex, called Seaside Villas, is on Boca Ciega Bay in Gulfport, about 28 miles southwest of downtown Tampa.

The property is a trio of three-story buildings at 3201, 3205 and 3209 58th Street.

Seaside Villas is bordered on the south by the bay, on the north and west by a multifamily property for residents 55 and older, and on the east by a beach and a municipal recreation center.

The new owner is Seaside Villas Florida, LLC, which financed the acquisition with a $10 million Freddie Mac loan. The seven-year loan has a variable interest rate.

Hunt Mortgage Group secured the loan on behalf of Seaside Villas Florida, LLC, a Delware limited liability company.

The rental property was 100 percent occupied when the sale closed, according to Hunt Mortgage managing director Richard Olrich. – Mike Seemuth