$45M Bridge Loan Earmarked for Tampa Acquisition
- Sep 15, 2016
By Keith Loria
Tampa, Fla.—Greystone has provided Ilan Investments a $45 million bridge loan for the acquisition of Tampa Woods Apartments, a Class A garden-style apartment community comprising 444 units spread across 38 buildings.
“Tampa Woods—formerly known as Camden Woods—is a beautiful Class A property located in the desirable Westshore district of Tampa, which the borrower, Ilan Investments, acquired for about $130,600 per unit,” Donny Rosenberg, Greystone’s managing director, told MHN. “The Westshore district of Tampa is a bustling region of the area, providing the amenities, employment, culture and transportation access that residents desire.”
The non-recourse, interest-only bridge loan includes a two-year term with two six-month extensions and was closed in just 28 days. The full acquisition price was $58 million.
“Greystone’s ability to seamlessly guide property owners from acquisition and bridge financing to permanent, long-term and fixed-rate financing helps owners/borrowers strategically focus on growing and managing their portfolios, and not worrying about the financing process,” Rosenberg said. “The borrower was able to move forward with the acquisition in a tight time frame, and we can now focus on pursuing a permanent loan that will benefit the owner, and ultimately the residents, for many years to come.”
The property offers one- and two-bedroom units and features a number of upscale amenities including a fitness room, which overlooks an outdoor swimming pool with BBQ area; a tennis court; and dedicated outdoor dog run.