Brandon, Fla. (Feb. 7, 2018) – Berkadia announces it has arranged $24 million in acquisition financing for Lakeside Apartment Homes, a 228-unit multifamily asset located in Brandon, Florida. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Senior Analyst Eric Savir of Berkadia’s South Florida office arranged the loan on behalf of Robbins Property Associates, a real estate company with offices in Tampa and Boston.
Freddie Mac originated the 10-year floating rate loan with five years of interest only and a competitive spread over LIBOR, with a LTV ratio of 80 percent.
“Hillsborough County is expected to see total nonfarm employment expand by 2.8 percent, making value-add properties in suburban communities compelling opportunities for investors,” said Mitch Sinberg. “As effective rents are anticipated to advance by 2.0 percent this year, our ability to put together a loan that would complement the growth surrounding Brandon will allow the buyer to see positive returns over an extended period of time.”
Built in 1985, Lakeside Apartment Homes is a 228-unit apartment community located at 529 South Parsons Avenue. One- and two-bedroom units include expansive walk-in closets, linen closet, dishwasher, Wi-Fi, and balcony/patio. Community amenities include tennis, racquetball, basketball, and sport courts, as well as a fitness center, resort-style swimming pool, laundry facilities, and storage units.
Situated in central Brandon, Lakeside Apartment Homes is found near major transit routes and employment centers, with Downtown Tampa only about 20 minutes away. Brandon Regional Hospital is directly across the street from the community, with Brandon Boulevard less than five minutes away, Interstate 75 about 10 minutes away, and Selmon Expressway only about 20 minutes away, offering residents ease of access throughout the greater Tampa area.