NKF Capital Markets, Berkeley Point Capital Refinance Tampa Asset
- Oct 02, 2018
Berkeley Point Capital and NKF Capital Markets have financed Brookview at Citrus Park in unincorporated Hillsborough County, Fla. The 400-unit property just northwest of Tampa was completed in 2015 and features two- and three-story garden-style buildings. More than two-thirds of units are in two-story buildings with ground-floor entrances and townhome-style floor plans with many direct access garages.
The property was sold in February 2017 by ARA Newmark and financed with a short-term bridge loan placed by NKF Capital Markets, operated by Newmark Group Inc. NKF executive managing director Matthew Williams and associate James Maynard represented borrower Brookview Realty Group LLC in both financings.
Brookview Citrus Park, at 12780 Olive Jones Road near Gunn Road and Veteran’s Expressway, is in the heart of Citrus Park and 10 minutes from the upscale Tampa Bay submarket of Westshore. The community’s hallmarks are a low-density setting, upscale interiors and a number of amenities, including clubhouse with 24-hour fitness studio featuring virtual spin, yoga and kickboxing. Other amenities include a sports pub with billiards and poker tables, two pools, covered outdoor patio areas with seating, a dog park, picnic areas, grilling stations and fireside lounge.
Apartments offer nine-foot ceilings, stainless appliances, granite countertops, kitchen islands, plank flooring, walk-in closets and screened verandas or open-air porches. ”We replaced the existing floating-rate loan by securing permanent, 10-year fixed-rate agency debt with competitive terms at a rate of 4.4 percent,” Williams said. “Through Berkley Point Capital, Freddie Mac offered an attractive spread and interest-only period, which aligned well with the client’s business plan, and allowed [it] to lock the index early in the process, eliminating the inherent risk in a rising-rate environment.”
“The team from Berkeley Point Capital and NKF Capital Markets spent significant time gaining a fundamental understanding of the asset and our business plan as owners,” said David Ostreicher, Brookview Realty Group president.
“We have been exceptionally pleased with their diligence and exhaustive work in securing permanent financing that perfectly suited our financial objectives.”