GMC Properties Lands Refi for 477-Unit Tampa-Area Asset | Multi-Housing News
JACKSONVILLE, Fla. – June 18, 2018 – Berkadia today announced the $29.5 million financing for Brandywine Apartments, a multifamily garden-style property in St. Petersburg, Florida. Senior Managing Director Jeffery Kinney of Berkadia’s Jacksonville, Florida office secured the refinancing through Fannie Mae. The borrower was Florida-based GMC Brandywine LLC.
The loan, which closed on May 30, features a 12-year term, interest only repayment and a 65 percent loan-to-value ratio.
“The client has been able to create an incredible amount of value since they purchased the property,” said Kinney. “The Fannie Mae refinance allowed the client to return some capital to their investors and lock in a long-term loan with a great fixed interest rate that will help secure solid returns to the investors for years to come.”
Located at 1699 68th St. North, the 477-unit property features studio, one-, two- and three-bedroom floorplans with walk-in closets, air conditioning and kitchen islands. Community amenities include a pool, a fitness center and a clubhouse. Residents are located minutes from Pinellas Park and Azalea Park, and the property affords convenient access to Tampa International Airport and Interstate Routes 275 and 375. Brandywine is expertly managed by GMC Properties, which manages multifamily assets in Utah, Texas and throughout Florida.