|Tampa, FL – May 21, 2013 – CBRE announced today that it has arranged a total of $12,555,000 in financing for two multifamily apartment properties located in St. Petersburg and Dunedin, Florida.
CBRE worked on behalf of the buyer to secure acquisition financing through Freddie Mac. Both are 10-year loans with partial interest only and represent a 75% loan-to-value ratio. Proceeds were used to acquire both of the properties.
The properties in this portfolio make up a total of 332 apartment units and include Gateway Apartments located at 2000 Gandy Boulevard North in St. Petersburg and Lo Garto Apartments located at 257 Milwaukee Avenue in Dunedin.
“These two loans are on the small side for Freddie Mac, but Freddie recognized the buyer’s management acumen and therefore provided loans that were as aggressive in their terms as they would have been for a much larger property,” said Charles Foschini, Vice Chairman with CBRE’s Debt and Equity Financing Group.
Gateway Apartments is directly on Gandy Boulevard, a major east/west thoroughfare which mainly consists of major retail and provides direct access to Tampa. The property consists of eleven, one and two-story buildings. The buildings are comprised of 144 one-bedroom/one-bathroom units with 600 square feet. Amenities include an on-site laundry facility, basketball court, racquetball court, designated boat storage, picnic area with grills and a pool.
Located at 257 Milwaukee Avenue, Lo Garto Apartments is a 188-unit garden apartment community that consists of six, two-story and three-story buildings and one, one-story building. The buildings are comprised of 94 one-bedroom/one-bath units, 82 two-bedroom/one and a half-bath units and 12 two-bedroom/one-and-one-half-bath units. Amenities include on-site laundry facilities, fitness center, designated dog walking area, picnic areas with grills and scenic lake views, park like setting and a sparkling swimming pool.
The CBRE team, representing the borrower, includes Charles Foschini, Vice Chairman with CBRE’s Debt & Equity Financing Group, Christian Lee, Vice Chairman with CBRE’s Institutional Group and Christopher Apone, Vice President with Debt & Equity Financing Group, who provide investment sales and financing solutions to commercial property owners.
About CBRE Group, Inc.