Tampa, Fla. (June 4, 2019) – Berkadia announces it has arranged $33.5 million in acquisition financing for Lofton Place, a 280-unit multifamily community in north Tampa. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Senior Analyst Wesley Moczul of Berkadia’s Boca Raton office secured the financing on behalf of Taurus Investment Holdings, a global real estate private equity firm based in Boston. Providence Management Company, LLC, a real estate asset management firm based in Glenview, Illinois, sold the property.
Berkadia originated and Freddie Mac purchased a 10-year, floating rate Green Up loan with 5 years interest only.
“Ranked within the top five places to start a business in the U.S. and contributing to Florida’s low unemployment rate that’s below the national average, Tampa’s market continues to illustrate favorable multifamily fundamentals for investment,” said Sinberg. “As supply and demand of apartment units reaches equilibrium, the opportunity for rent growth remains as in-migration flows continue throughout the metro area.”
“It was a pleasure to work alongside Taurus and Freddie Mac on the acquisition of Lofton Place,” added Robbins. “This will be a spectacular addition to their already impressive multifamily portfolio as they continue to expand.”
Built in 1988, Lofton Place is located at 5412 Deerbrooke Creek Circle. One-, two- and three-bedroom units include large patios/balconies, walk-in closets, garden-style tubs, extra storage closets, and washer/dryer. Community amenities include scenic water views, swimming pool, large sun deck, covered spa, expansive clubhouse and fitness center.
Situated in the Carrollwood/Citrus Park/Westchase submarket, Lofton Place is surrounded by demand drivers and important transit corridors. Tampa International Airport is less than 20 minutes away and Busch Gardens is less than 25 minutes away. Florida 589 is less than 10 minutes away, offering direct access to Downtown Tampa.