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You are here: Home / Commercial Real Estate & Developers / Berkadia Secures $17.77 Million Acquisition Loan for 180-unit Community in Tampa, Florida

Berkadia Secures $17.77 Million Acquisition Loan for 180-unit Community in Tampa, Florida

March 22, 2020 by Post

Tampa, Fla. – Berkadia announces it has arranged $17.77 million in acquisition financing for Southern Cove, a 180-unit multifamily community in Tampa, Florida. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office, alongside Managing Director Brad Williamson and Associate Director Wes Moczul of Berkadia’s Miami office, secured the financing on behalf of an affiliate of 29th Street Capital, a privately held real estate investment firm based in San Francisco, California.

Berkadia originated a three-year, interest only Freddie Mac Value-Add loan with a three percent floating interest rate.

“As one of the fastest growing cities in Florida, the Tampa MSA offers a diversified labor market accompanied by high population growth,” said Williamson. “In addition to solid fundamentals, value-add assets like Southern Cove provide a significant opportunity to take advantage of the area’s positive trajectory with a propitious hold period.”

Built in 1974, Southern Cove is located at 8741 Grove Terrace. Two-bedroom apartments and townhomes offer some of the largest floorplans in the submarket and include a dishwasher, hardwood flooring, disposal, balcony/patio and oversized closets. Community amenities include a business center, clubhouse, bark park, swimming pool, tennis courts, laundry facility and on-site maintenance and management. 29th Street Capital plans on repositioning the asset.

Situated in Tampa’s Temple Terrace neighborhood, Southern Cove is found near large employment hubs and entertainment spaces. The University of South Florida, serving over 50,000 students, is less than two miles away, and the Busch Gardens animal theme park is less than three miles away.

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About Berkadia®:

© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

In California, Berkadia Real Estate Advisors Inc., conducts business under CA Real Estate Broker Lic. #01931050; Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.

This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.

For state licensing details visit: http://www.berkadia.com/legal/licensing.aspxhttp://www.berkadia.com/legal/licensing.aspx

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Filed Under: Commercial Real Estate & Developers

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