Abode Properties, a joint venture subsidiary of Transcontinental Realty Investors and Southern Properties Capital, has secured refinancing for Sawgrass Creek, a Class A multifamily community in New Port Richey, Fla. Berkeley Point Capital provided the seven year loan through Freddie Mac. The new loan is due to mature in June and the London Interbank Offered Rate reduced from 3 percent to 2.3 percent.
Sawgrass Creek is located at 8800 Lazy River Loop and is near restaurants and shopping centers. It offers residents a mix of one-, two- and three-bedroom units featuring dishwashers and in-unit washer dryers. Residential amenities include a resort style pool, clubhouse, fitness center, business center, and fire pit with benches. Additionally, the property offers personal garages, rentable storage units and covered bike storage.
At the time of the transaction, Sawgrass Creek Phase II was over 96 percent leased.
Last year, Abode Properties opened Abode at Red Rock, a 308-unit Class A apartment community in Las Vegas.