TAMPA, FL (November 17, 2021) — Franklin Street has arranged the $13.85 million refinancing of a multifamily portfolio in Tampa consisting of four market rate, garden-style apartment properties totaling 120 units.
Casey Siggins, Ben Miller and Casey Crane, with Franklin Street’s Capital Advisory Team, secured the 10-year, 3.41% fixed rate loan through Fannie Mae’s conventional multifamily mortgage program on behalf of the borrower, a local multifamily owner-operator with more than 25 years in the business.
The properties in the portfolio are:
• Melrose at Waters, 1915 W. Waters Ave. – 50 units
• St. Andrew’s Square Townhomes, 4113 Tartan Place – 36 units
• South Dale Villas, 6001 S. Dale Mabry Highway – 20 units
• Port Tampa Apartments, 7102-7104 S. Kissimmee St. – 14 units
The borrower has recently made significant interior, exterior and operational improvements to each of the properties. The loan was structured with seven years of interest-only payments, which will allow significantly more cash flow to reinvest into further capital improvements in the coming years.
“In addition to the increased cash flow, this loan allowed the borrower to recuperate a significant amount of cash-equity in the assets, which will afford them the opportunity to grow their portfolio with future investments,” said Miller.
Siggins added, “Despite the scattered site makeup of the portfolio, a rising treasury market and current third party report timelines, our team was able to close on this loan with higher proceeds than application in less than 60 days.”
Franklin Street’s Capital Advisory Team provides strategic, full-service debt and equity solutions for virtually all commercial asset classes, nationwide. The team, led by Miller and Siggins, based in Tampa, also includes Laura Gonzales in Jacksonville and Joseph Landsberg in Ft. Lauderdale.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.