Berkadia Completes Sale and Secures Financing for Two Multifamily Properties in Tampa, Florida
TAMPA, FL – July 10, 2023 – Berkadia announced today the sale and financing of The Palms at Ashley Oaks, a 130-unit, garden-style multifamily property and 22 North, a 176-unit, garden-style multifamily property, both in Tampa, Florida. Senior Managing Director Jason Stanton of Berkadia Tampa and Senior Managing Director Cole Whitaker of Berkadia Orlando led the sale on behalf of the seller, Atlanta-based Asia Capital Real Estate. The deal closed on June 15.
Managing Director Allan Freedman of Berkadia Los Angeles secured the acquisition financing through Fannie Mae on behalf of the buyer, Los Angeles-based Miramar Capital. The five-year loan featured a 5.08 percent interest rate, a 35-year amortization schedule, and full-term interest only.
“This was a great opportunity for the buyer to purchase two Tampa properties within minutes of the University of South Florida and surrounding medical hubs,” said Stanton. “Miramar Capital plans to implement upgrades to the community and build upon the capital improvements completed by ACRE during their hold.”
“The 35-year amortization sizing, along with full-term interest-only payments, allows the properties to have ample cash flow to allow the client to execute their business plan,” said Freedman.
The two properties are located less than five minutes from each other and afford convenient access to AdventHealth Tampa, Moffitt McKinley Cancer Center, and the University of South Florida. Located at 1701 East 131st Avenue, The Palms at Ashley Oaks was built in 1968 and features majority one-bedroom apartment homes, swimming pool, laundry center, and resident clubhouse. Located at 2200 Cedar Trace Circle, 22 North was built in 1984 and features majority two-bedroom apartment homes, swimming pool with outdoor kitchen, playground, pond, and dog park.
Berkadia Completes Sale, Financing of Two Multifamily Communities | Connect Commercial Real Estate
Los Angeles investors buy garden-style apartment complexes in Tampa | Tampa Bay Business Journal