GMC Properties Lands Refi for 477-Unit Tampa-Area Asset
Berkadia provided nearly $30 million in Fannie Mae financing to retire a prior CMBS loan on the St. Petersburg property.
GMC Properties has taken a $29.5 million Fannie Mae refinancing package for its 477-unit Brandywine Apartments in St. Petersburg, Fla. The new mortgage features a 12-year term with interest-only repayment and a 65 percent loan-to-value ratio.
The note, secured by Berkadia, retires two previous loans. The first, an $18.8 million CMBS loan, funded GMC’s acquisition of the community from Aimco in 2012, according to Yardi Matrix. The second, a $2 million mortgage, was funded by Freddie Mac in March 2016.
The community is located at 1699 68th St. N. in St. Petersburg’s St. Pete Beach/Pasadena submarket, just south of the 960,000-square-foot Tyrone Square shopping mall. The property contains a mix of studio, one-, two- and three-bedroom units ranging from 400 to 1,250 square feet. On-site amenities include three swimming pools, laundry facilities, a fitness center, a business center and a playground.
“The client has been able to create an incredible amount of value since they purchased the property,” said Berkadia’s Senior Managing Director Jeffery Kinney, who secured the financing, in a prepared statement. “The Fannie Mae refinance allowed the client to return some capital to their investors and lock in a long-term loan with a great fixed interest rate that will help secure solid returns to the investors for years to come.”
At the beginning of the year, Berkadia arranged the $23.7 million refinancing of a 212-unit community in St. Petersburg.
Image courtesy of Yardi Matrix