Tampa Bay Luxury Community Lands $45M Refi | Multi-Housing News

Berkadia Closes $44.5M Refinancing Loan for Tampa Bay Multifamily Property | REBusiness Online

ORLANDO, Fla. – May 14, 2019 – Berkadia today announced $44.5 million in financing for Dunedin Commons, a multifamily garden-style property in Dunedin, Florida. Senior Managing Director Marc Sumner of the Orlando, Florida office secured the loan on behalf of Florida-based Dunedin Commons LLC, led by Primerica Group One/Primerica Development Company. The deal closed on May 1.

The 10-year permanent Fannie Mae loan features a 4.19 percent interest rate, five-year interest-only followed by a 30-year amortization at 70 percent loan-to-value ratio.

“Dunedin Commons represents an excellent infill investment opportunity with strong metrics and experienced sponsorship,” said Sumner.

Located at 2701 Dunedin Common Place, the property offers one-, two- and three- bedroom floor plans with island kitchens with granite countertops and under mounted sinks, washers and dryers, faux wood plank flooring and black-on-black appliances with microwaves. Community amenities include a fitness and yoga studio, walking and jogging trails and a resort-style pool. Dunedin Commons offers convenient access to Dunedin City Center, which has become one of the most sought-after places to live on the west coast of Florida given its proximity to beaches, festivals of all kinds and a wide array of dining experiences.