Blue Roc Lands $14M Refi for Tampa-Area Community

Hunt Mortgage Group secured a Fannie Mae loan for Park at Verona in Lakeland, Fla. Blue Roc has completed $2.6 million in capital improvements for the community since its acquisition in 2012.

Hunt Mortgage Group provided a $14.4 million Fannie Mae loan to Blue Roc Premier Properties to refinance Park at Verona, a garden-style community in Lakeland, Fla. Blue Roc has owned and operated the property since purchasing the asset from Avesta Communities for around $8.6 million in 2012, as part of a portfolio transaction. Hunt Mortgage secured a 12-year term with an 11.5-year yield maintenance period and 30-year amortization with seven-years of interest only. 

Park at Verona

Park at Verona

“Park at Verona was under-performing when it was acquired by the current owner and was considered a value-add opportunity,” said Marc Suarez, director, at Hunt Mortgage Group. “Since acquisition the owner has completed approximately $2.6 million in capital improvements to the exteriors, common areas and interiors.”

Community Features 

Located at 3520 Cleveland Heights Blvd., the pet-friendly, 236-unit community features studio, one-, two- and three-bedroom floorplans across 22 two-story buildings. Ranging from 380 to 1,550 square feet, the apartments include full-size washer/dryer connections, fully-equipped kitchens with pantries, private balcony/patios, walk-in closets, designer-tiled kitchens and bathrooms, breakfast bars, ceiling fans, plantation blinds, ornamental chair rails and European light fixtures. Residents have access to amenities such as:

  • designer clubhouse
  • state-of-the-art fitness center
  • two swimming pools
  • sports court
  • playground
  • coffee bar
  • car care center
  • barbecue area
  • three laundry facilities
  • business center with Wi-Fi 
  • 500 parking spaces
  • 24-hour emergency maintenance
  • on-site property management
  • planned social events

“We are seeing the Lakeland market moving in a positive direction and benefiting from Tampa and Orlando growth as it is located between both metro areas,” Suarez told Multi-Housing News. “The sponsor Randy Ferreira of Blue Roc Premier is a repeat borrower and top notch operator in the I-4 corridor market.”

Hunt Mortgage Group also recently provided a $14.5 million bridge loan for the refinancing of Tess O’Brien Apartments, a 123-unit multifamily community in Portland.

Image courtesy of Hunt Mortgage Group