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Dunedin, Fla. (April 10, 2019) – Berkadia announces it has arranged a $13.57 million recapitalization of Promenade at Edgewater, a 188-unit multifamily property in the Gulf Coast community of Dunedin, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the loan on behalf of the buyer, Pensam Capital.
Freddie Mac provided the 10-year, fixed-rate loan, with full term interest only.
“This was an asset that Freddie Mac and our team knew well, having financed it on Pensam’s acquisition some time ago,” said Foschini. “Working together we were able to transition the loan to one that was both exceptional in its terms, being interest only for the entire loan, and a compelling leverage to Freddie Mac given the amount of value unlocked by Pensam during their ownership of the property. With a long-term view, Pensam index locked at an opportune time in the market and provided strong cash-on-cash yield to its investors.”
Located at 257 Milwaukee Avenue, Promenade at Edgewater (formerly Lo Garto Apartments), was built in 1973 and consists of six two-story and three-story buildings and a single-story clubhouse on 13 acres of land. One- and two-bedroom apartments range from 728 square feet to 1,050 square feet, and all have central heat and air. Property amenities include a swimming pool, six on-site laundry facilities, a fitness center, designated dog walking area, picnic areas with grills and scenic lake views.
Promenade at Edgewater is conveniently located close to Clearwater Beach and St. Petersburg, 20 minutes from the St. Petersburg-Clearwater International Airport, and 30 minutes from the Westshore Business District, Tampa’s largest employment center.