St. Petersburg, Fla. (December 19, 2017) – Berkadia announced it has arranged a $23.7 million loan for the refinance of Isles of Gateway, a 212-unit multifamily community located in St. Petersburg, Florida.
Berkadia South Florida Senior Managing Director Mitch Sinberg, Senior Director Brad Williamson and Associate Director Matthew Robbins arranged the financing on behalf of the borrower, the Rosehill Group and GPC Truss.
Freddie Mac originated the loan through its Green Advantage® program, which provides borrowers with attractive loan pricing for energy-saving certifications or a commitment to energy-saving improvements. The 10-year loan was structured with five years of interest-only payments, an 80% loan to value, and a 30-year amortization period.
“We were able to arrange very compelling loan terms utilizing the Freddie Mac Green Up program,” said Williamson. “Due to the vintage of the property, this asset was an ideal candidate for the Green Up program. It allowed us to both reduce the spread by approximately 25 basis points and create energy savings, which is great for the clients’ bottom line.”
“We knew that Isles of Gateway was a fantastic asset, and that by partnering with the Rosehill Group, we had aligned ourselves with a best-in-class operator,” said Jonathan Ghitis of GPC Truss. “Berkadia exceeded our expectations with this phenomenal execution.”
Built in 1987, Isles of Gateway is located at 10600 4th Street North in St. Petersburg, in the sought-after Carillon / Gateway area, with easy access to downtown St. Petersburg, downtown Tampa, the Westshore office market and the Tampa International Airport. The community offers one-, two- and three-bedroom apartments with luxurious features including stainless-steel appliances, wood-plank flooring and screened-in patios/balconies. Located on 18 landscaped acres, Isles of Gateway amenities include a 24-hour fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts. Rents start at $1030 per month.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
About Rosehill Group:
The Rosehill Group (RHG) is a fully integrated, private commercial real estate investment company based in Boca Raton, Florida. RHG was founded by the principals of Duncan Hillsley Capital and Pebb Capital in 2014 to acquire and re-position under-performing and adaptive re-use assets across all property types.
About GPC Truss:
GPC Truss is a partnership between one of South Florida’s most accomplished real estate companies and one of Latin America’s most storied entrepreneurs and family offices. GPC (“Ghitis Property Company”) is a development and acquisition firm led by former Trammell Crow Company partner Leo Ghitis. GPC Truss was formed to take advantage of unique opportunities to allocate capital into scalable commercial real estate strategies. The partnership thrives due to its flexible mandate and discretionary capital.
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