Covenant Capital Lands $45M Refi for Tampa-Area Community

JLL Capital Markets arranged the Freddie Mac loan for the 464-unit property in Lakeland, Fla.
The Retreat at Lakeland

Covenant Capital Group has refinanced The Retreat at Lakeland, a 464-unit, garden-style property in Lakeland, Fla., with a $45 million Freddie Mac loan secured by JLL Capital Markets.

The 10-year, floating-rate loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender. The JLL Capital Markets team representing the borrower was led by Senior Managing Director Elliott Throne, Managing Director Campbell Roche, Director Amit Kakar and Associate Drew Jennewein.

Throne said in a prepared statement Covenant Capital was able to take advantage of a refinance at a time when rates are at historical lows following the company’s recent renovation of the property. He said Covenant Capital added significant value to the property.

Located at 5115 N. Socrum Loop, the community was built in 1988. In 2017, Covenant Capital extensively renovated The Retreat at Lakeland, adding a new clubhouse and entry gate and replacing roofs. The firm also made in-unit upgrades, installing new hard surface flooring, stainless steel appliances and granite countertops. The asset has one-, two- and three-bedroom units with spacious living rooms and closets, full-size washers and dryers, Whirlpool bathtubs, wood-burning fireplaces and private patios and balconies. Community amenities include a fitness center, two pools, a sundeck, grilling and picnic areas, outdoor recreational areas including tennis and pickleball courts, a playground and dog park.

The property is centrally located in Lakeland, home to the headquarters of Publix supermarkets. Lakeland also has one of the world’s largest LEGOLAND theme parks and Joker Merchant Stadium, the spring training home for the Detroit Tigers. Residents can enjoy outdoor activities in the city including numerous parks and golf courses including Big Cypress Golf Club and Cleveland Heights Golf Course.

Previous Purchases

Last month, Covenant Capital acquired Park at Rialto, a 274-unit multifamily community in San Antonio, Texas, from GenCap Partners for an undisclosed price. A JLL team led by CW Sheehan, Alastair Barnes and Scott Dickey arranged a seven-year, fixed-rate Freddie Mac loan for Covenant for the purchase of the eight-building, 9.3-acre property.

Earlier in the year, Covenant acquired two Florida properties—Ridgecrest Park, a 275-unit community in Daytona Beach, Fla., purchased from Eastern Property Real Estate Group for $25.1 million, and The Park at Levanzo, a 360-unit community in Jacksonville, Fla., purchased from Reserve Property Holdings LLC, for $39.3 million.