St. Petersburg, Fla. (December 13, 2017) – Berkadia announced it has arranged a $23.7 million loan for the refinance of Isles of Gateway, a 212-unit multifamily community located in St. Petersburg, Florida.
Berkadia South Florida Senior Managing Director Mitch Sinberg, Senior Director Brad Williamson and Associate Director Matthew Robbins arranged the financing on behalf of the borrower, the Rosehill Group and GPC Truss.
Freddie Mac originated the loan through its Green Advantage® program, which provides borrowers with attractive loan pricing for energy-saving certifications or a commitment to energy-saving improvements. The 10-year loan was structured with five years of interest-only payments, an 80% loan to value, and a 30-year amortization period.
“We were able to arrange very compelling loan terms utilizing the Freddie Mac Green Up program,” said Williamson. “Due to the vintage of the property, this asset was an ideal candidate for the Green Up program. It allowed us to both reduce the spread by approximately 25 basis points and create energy savings, which is great for the clients’ bottom line.”
“We knew that Isles of Gateway was a fantastic asset, and that by partnering with the Rosehill Group, we had aligned ourselves with a best-in-class operator,” said Jonathan Ghitis of GPC Truss. “Berkadia exceeded our expectations with this phenomenal execution.”
Built in 1987, Isles of Gateway is located at 10600 4th Street North in St. Petersburg, in the sought-after Carillon / Gateway area, with easy access to downtown St. Petersburg, downtown Tampa, the Westshore office market and the Tampa International Airport. The community offers one-, two- and three-bedroom apartments with luxurious features including stainless-steel appliances, wood-plank flooring and screened-in patios/balconies. Located on 18 landscaped acres, Isles of Gateway amenities include a 24-hour fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts. Rents start at $1030 per month.