Tampa, Fla. (March 20, 2020) – Berkadia announces it has arranged $17.77 million in acquisition financing for Southern Cove, a 180-unit multifamily community in Tampa, Florida. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office, alongside Managing Director Brad Williamson and Associate Director Wes Moczul of Berkadia’s Miami office, secured the financing on behalf of an affiliate of 29th Street Capital, a privately held real estate investment firm based in San Francisco, California.
Berkadia originated a three-year, interest only Freddie Mac Value-Add loan with a three percent floating interest rate.
“As one of the fastest growing cities in Florida, the Tampa MSA offers a diversified labor market accompanied by high population growth,” said Williamson. “In addition to solid fundamentals, value-add assets like Southern Cove provide a significant opportunity to take advantage of the area’s positive trajectory with a propitious hold period.”
Built in 1974, Southern Cove is located at 8741 Grove Terrace. Two-bedroom apartments and townhomes offer some of the largest floorplans in the submarket and include a dishwasher, hardwood flooring, disposal, balcony/patio and oversized closets. Community amenities include a business center, clubhouse, bark park, swimming pool, tennis courts, laundry facility and on-site maintenance and management. 29th Street Capital plans on repositioning the asset.
Situated in Tampa’s Temple Terrace neighborhood, Southern Cove is found near large employment hubs and entertainment spaces. The University of South Florida, serving over 50,000 students, is less than two miles away, and the Busch Gardens animal theme park is less than three miles away.