GMC Properties Lands Refi for 477-Unit Tampa-Area Asset

Berkadia provided nearly $30 million in Fannie Mae financing to retire a prior CMBS loan on the St. Petersburg property.
Brandywine Apartments

GMC Properties has taken a $29.5 million Fannie Mae refinancing package for its 477-unit Brandywine Apartments in St. Petersburg, Fla. The new mortgage features a 12-year term with interest-only repayment and a 65 percent loan-to-value ratio.

The note, secured by Berkadia, retires two previous loans. The first, an $18.8 million CMBS loan, funded GMC’s acquisition of the community from Aimco in 2012, according to Yardi Matrix. The second, a $2 million mortgage, was funded by Freddie Mac in March 2016.

The community is located at 1699 68th St. N. in St. Petersburg’s St. Pete Beach/Pasadena submarket, just south of the 960,000-square-foot Tyrone Square shopping mall. The property contains a mix of studio, one-, two- and three-bedroom units ranging from 400 to 1,250 square feet. On-site amenities include three swimming pools, laundry facilities, a fitness center, a business center and a playground.

Swimming pool at Brandywine Apartments

“The client has been able to create an incredible amount of value since they purchased the property,” said Berkadia’s Senior Managing Director Jeffery Kinney, who secured the financing, in a prepared statement. “The Fannie Mae refinance allowed the client to return some capital to their investors and lock in a long-term loan with a great fixed interest rate that will help secure solid returns to the investors for years to come.”

At the beginning of the year, Berkadia arranged the $23.7 million refinancing of a 212-unit community in St. Petersburg.

Image courtesy of Yardi Matrix