Veteran Real Estate attorney Neil S. Rollnick, a partner with the law firm of Hinshaw & Culbertson, successfully represented his client, Westside Capital Group, a Miami-based diversified real estate investment firm headed by Jakub Hejl, in the $29.5 million purchase of Waterman’s Crossing, a 337-unit garden-style apartment community located at 4515 N. Rome Avenue in Tampa in the Wellswood submarket.
Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged the $26.25 million loan. Westside, which intends to invest up to $5 million in capital improvements while rebranding the property as “Westshore Crossing”, removed all Land Use Restriction Agreement (LURA) limitations that encumbered the property and has assessed development potential of up to 72 new multifamily units on the property.
“The purchase and financing were fairly complex. In addition to securing the removal of land use limitations, there were complex title, tax and documentation issues,” said Neil S. Rollnick, a Partner in Hinshaw’s Miami Real Estate and Lending Practice Group. Rollnick has more than five decades of experience in business law with particular emphasis in real estate sales and acquisitions, commercial real estate and real estate-secured and asset based institutional loans, commercial leases, corporate and partnership transactions and business matters. He also serves as an expert witness in the areas of real estate transactions, secured lending practices, condominium law and the performance of due diligence under real estate purchase and sale agreements. Since 2010, Rollnick has been ranked by Chambers and Partners as a ‘Leading Individual’ in Real Estate where clients describe him as “very knowledgeable, well respected and well known”. He is also a 2019 Best Lawyer in America in the Real Estate Law category, a distinction he has held since 2008. Further, he has been an AV-rated attorney by Martindale-Hubbell since 1980.
Built in 1973, Watermans Crossing comprises 20 buildings on a 13.4-acre site. The unit mix offers efficient studio, one-bedroom, two-bedroom and three-bedroom floorplans with units averaging 895 square feet. Community amenities include a clubhouse, 876 parking spots, a fitness center, three swimming pools and other tenant amenities. Westside aims to update common areas and perform targeted interior unit upgrades. The property is ideally located on the Hillsborough River near Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League.
This is Westside’s second investment in the Wellswood submarket of Tampa. In 2018, Westside acquired Buena Vista, a 240-unit multifamily community less than a mile from Watermans Crossing, for $21.25 million, with $19.43 million in financing also secured by Berkadia.
Westside is a diversified real estate investment holding firm with a proven track record in real estate private equity investments, construction & development management and venture capital investments. Westside has a $150 million portfolio of cash-flowing assets and nearly $500 million of owned assets in its development pipeline. Founded in 2016, Westside leverages big ideas in small timelines out of its US and European offices. Westside generates attractive returns on capital by defensive, value-added investing in traditional real estate asset classes. It targets cash-flowing properties at discounts to replacement costs with additional non-underwritten upside. It creates value through active management and targeted capital initiatives. Westside establishes individual investment platforms within the firm with a particular desire to strengthen economies of scale, operating expertise, and exit optionality. It’s strategy within asset classes, capital structures and markets, shifts based on macro-economic considerations. For more information, please visit www.westsidecg.com.
Hinshaw & Culbertson LLP is a U.S. law firm with 450 attorneys located in 11 states and London. Founded in 1934, the firm has a national reputation for its insurance industry work, its representation of professionals and law firms, and its closely coordinated business advisory, transactional and litigation services. We serve clients ranging from emerging and middle-market businesses to Fortune 500 companies, as well as governmental and public sector clients. Visit www.hinshawlaw.com for more information and follow us on Twitter @hinshaw.