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
- 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