Coastline Management Group Buys Tampa Community

1 min read

New York-based Eyzenberg & Co. structured and placed $6.9 million in equity with JCR Capital to finance the acquisition and the repositioning of the property.

The Park At Ravenna

Coastline Management Group has acquired The Park at Ravenna, a 300-unit, value-add community in Tampa, Fla., for $28.8 million. New York-based Eyzenberg & Co. structured and placed $6.9 million in equity with Denver-based JCR Capital to finance the acquisition and repositioning of the property. KeyBank was the senior lender.

“JCR Capital is one of a handful of equity capital providers which structure their JV waterfalls in a senior subordinate sequence rather than the traditional pari passu manner. The effect of this structure allows the capital provider to enjoy a lower basis while allowing the sponsor to earn a greater promote,” said Robert Ginsberg, managing director at Eyzenberg & Co., in a prepared statement.

Situated at 6919 Bonair Drive, the property is near freeways 92 and 301, around 5 miles from Tampa Executive Airport and 8 miles from downtown Tampa. Additionally, the community is 4 miles from the University of South Florida. The area also provides access to entertainment options such as Busch Gardens, Adventure Island and Museum of Science & Industry.

Constructed in 1974, The Park at Ravenna comprises 12 two- and 7 three-story buildings and a stand-alone fitness center. The buildings encompass one- and two-bedroom units, averaging 808 square feet, according to Yardi Matrix. Communal area amenities include:

  • two swimming pools
  • grilling stations
  • laundry facilities
  • clubhouse
  • dog park

In December, Eyzenberg & Co. arranged a $30.5 million loan to refinance the River House Apartments, a 224-unit community in Baton Rouge, La.

Image courtesy of Yardi Matrix

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.