Bluerock Residential Secures $57M Refi for Tampa Community

The partnership secured the 10-year floating rate loan with a rate equal to 1 month LIBOR plus 2.44 percent.
Lansbrook Village

Lansbrook Village

TampaBluerock Residential Growth REIT Inc. recently announced that its operating partnership has secured a $57.2 million refinancing from Fannie Mae for its joint venture property Lansbrook Village, a Class A apartment community located in the Tampa suburb of Palm Harbor.

The partnership secured the 10-year floating rate loan with a rate equal to 1 month LIBOR plus 2.44 percent. The loan will feature a 48-month interest-only period followed by principal amortization for the remaining term. The new loan will repay the existing senior loan of approximately $44.40 million and significantly reduce the interest rate, which previously carried an approximate rate of 4.41 percent.

Bluerock Residential acquired Lansbrook Village in 2014 from Waterton Residential for $58.6 million, $103,340 per unit according to Yardi Matrix.

The 603-unit community was built in 2004 on approximately 86 acres at 3751 Pine Ridge Blvd., and it consists of 91 one-, two- and three-story buildings featuring one- to four-bedroom apartments averaging 1,069 square feet. All units are equipped with washer and dryer hookups, monitored security and vaulted ceilings. Property amenities include fitness and business center, clubhouse, tennis and volleyball court, three swimming pools and a total of 1510 parking spaces. According to Yardi Matrix, average monthly rents equate to $1,223. The community is 94.3 percent occupied as of 2016.

Image courtesy of Yardi Matrix