Berkadia has arranged a $17.8 million Freddie Mac loan for the acquisition of Southern Cove, a 180-unit value-add community in Tampa, Fla. Senior Managing Director Mitch Sinberg, together with Managing Director Brad Williamson and Associate Director Wes Moczul, secured the financing on behalf of 29th Street Capital. The three-year, interest-only loan has a 3 percent floating interest rate.
Southern Cove is located at 8741 Grove Terrace, 10 miles northeast of downtown Tampa. Three shopping centers are within walking distance of the property, while the University of South Florida is less than 3 miles northwest and Busch Gardens Tampa Bay is less than 2 miles northwest. The 1974-built community encompasses two-bedroom apartments and townhomes. Amenities include a business center, clubhouse, bark park and swimming pool as well as tennis courts. The new owner intends to reposition the property.
Earlier this month, Berkadia secured nearly $34 million in Freddie Mac financing for the purchase of a 398-unit community in Oklahoma City. Sinberg was also part of the brokerage team that arranged the deal on behalf of the buyer.