Berkadia Arranges $26 Million Refinancing for Two Multifamily Communities outside of Tampa
Tampa, Fla. (February 6, 2023) – Berkadia announces it has arranged the refinancing of two properties in Florida: Gables at Honore in Sarasota, Fla., and Lodge at Woodlake in Lakeland, Fla. Senior Managing Director Mitch Sinberg, Managing Director Matt Robbins of Berkadia South Florida secured the financing for both properties on behalf of the owner Insula Companies, a boutique real estate investment company based in Sarasota, Florida.
A bank provided the $8.15 million, five-year, fixed-rate loan with three years of interest only for Gables at Honore, and Freddie Mac provided the $18 million, seven-year, fixed-rate loan, with five years of interest only for Lodge at Woodlake.
“Insula’s continued capital improvement investment coupled with Central Florida’s strong rent growth, allowed them to refinance both properties with an attractive fixed rate debt,” said Robbins.
Built in 1993 and located at 3400 Tyne Lane, Gables at Honore is a 54-unit apartment community of two-, three- and four-bedroom apartment homes that range from 890 square feet to 1,320 square feet. Individual units feature vaulted ceilings, washer and dryer hook ups, ceiling fans, screened patios, backyards and one-car attached garages. Community amenities include a swimming pool with poolside hammocks, a grill and picnic area, a clubhouse, a business center, on-site maintenance and an outdoor activity area. Gables at Honore is close to Centergate Plaza, Urfer Family Park and the Sarasota–Bradenton International Airport.
Lodge at Woodlake is a 188-unit apartment community, built in 1975 and located at 1475 Woodlake Drive. It offers one-, two-, and three-bedroom apartments that range from 935 square feet to 1,515 square feet. Individual units feature energy-efficient appliances, large walk-in closets, a breakfast bar and large screened patios. Community amenities include a resort-style swimming pool, fitness studio, laundry center, playground, bark park, clubhouse with coffee bar, and package receiving.