Berkadia recently completed the sale and financing of two garden-style multifamily communities in Tampa, FL: The Palms at Ashley Oaks (130 units) and 22 North (176 units). Senior Managing Director Jason Stanton of Berkadia’s Tampa office, along with Senior Managing Director Cole Whitaker from their Orlando office, represented the seller – Atlanta-based Asia Capital Real Estate. Meanwhile, Managing Director Allan Freedman from Berkadia’s Los Angeles team secured acquisition financing through Fannie Mae for the buyer – Los Angeles-based Miramar Capital. The five year loan featured a 5.08 percent interest rate with a 35 year amortization schedule and full term interest only payments.
Stanton commented on this transaction saying “This was an excellent opportunity for our client to purchase two properties located close to University of South Florida as well as nearby medical hubs.” He also noted that Miramar plans to upgrade both communities while building upon capital improvements already made by ACRE during their hold period.
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