Robbins Property/LEM Capital acquired 312 units at Arbors at Carrollwood
TAMPA, FLA. (June 24, 2019) – Berkadia announces it has arranged a loan for the acquisition of 312 out of 390 condominiums at the Arbors at Carrollwood, a community in Tampa, Florida. Senior Managing Director Mitch Sinberg, Associate Director Matt Robbins and Senior Analyst Wes Moczul of Berkadia’s Boca Raton office arranged the loan on behalf of the buyer, a joint venture between Robbins Property Associates and LEM Capital.
The non-recourse loan was provided by a life company with a five-year term and an aggressive rate. The loan financed the acquisition along with future advances to finance the buyback of additional condo units and fund capital improvements.
“Working with top notch sponsors like the collective RPA and LEM team allowed us to reach deep into the market to structure the best possible loan for this unique asset,” explained Sinberg. “Structuring a very flexible life company execution allowed us to craft the loan with funding for future capital improvements, as well as unit buy backs as they come available given the fractured condominium nature of the asset.”
Located at 3939 Erlich Road, Arbors at Carollowood was built in 1999 and comprises 15 three-story buildings on over 56 acres of land. One-, two- and three-bedroom apartments feature modern open floor plans, nine-foot ceilings, central A/C, vinyl wood floors, walk-in closets and spacious lanais with storage. Community amenities include a clubhouse, cyber café, 2,100-square foot cardio/strength training room, screened outdoor kitchen, zero entry pool and waterfall hot tub, car care center, dog park, boat parking, detached garages, laundry and lighted tennis court.