Beachwold Secures $54M for 2 Tampa Bay Properties
- May 23, 2017
Beachwold Residential has received $54.25 million in financing to renovate Fountain Lake Apartments in Bradenton, Fla., and Sienna Bay Apartments in St. Petersburg, Fla.
HFF secured two separate 10-year, fixed-rate loans with Goldman Sachs for the Beachwold, which is retiring existing bridge financing and returning sponsor equity after a successful renovation/expansion program.
“Both had completed full renovations while Fountains offered 80 brand new units that the owner recently developed on the site,” Elliott Throne, HFF’s managing director, told MHN. “Lenders appreciated the increased operations at the assets and strong debt yields and coverage ratios. With solid cash flow forecasted for the foreseeable future, these were safe lending opportunities for long-term fixed rate capital.”
Located at 5620 Fountain Lake Circle, Fountain Lake Apartments offers 281 garden-style units and amenities such as a swimming pool, hot tub, grilling area, pickleball court, volleyball court, a state-of-the-art fitness center, clubhouse and business center.
It was originally constructed in 1984 as a 201-unit development, with 80 units added in 2016 after the acquisition of a five-acre site next door. The property is conveniently located near institutions of higher learning, including the Ringling College of Art and Design and the State College of Florida.
Located at 10501 3rd Street, Sienna Bay Apartments has 276 units and amenities include a swimming pool, courtyard, lighted tennis court, state-of-the-art fitness center, dog park, clubhouse and business center. It was renovated over the last two years.
The property is situated close by the 3.2-million-square-foot Carillon Office Park, home to businesses such as Humana, Raymond James and SunTrust Bank.
According to Thorne, the Tampa multifamily market continues to exhibit very healthy fundamentals thanks to a rapidly increasing population and thousands of new jobs being added to the workforce every month.
“The demand for apartments in Tampa continues to expand and both deals are located in suburban markets that have a number of options for would be renters,” he said. “The newly enhanced features at the properties help to attract renters who want to live close to numerous corporate campuses and other demand drivers located away from downtown Tampa.”
The HFF debt placement team also included senior managing director Mona Carlton and associate director Matthew Sand.