PAC Lands $41M Tampa Refi
- Jul 24, 2020
Preferred Apartment Communities has received a $40.9 million refinancing package for Citrus Village, a 296-unit community in Tampa, Fla. JLL provided the 7-year Freddie Mac loan, according to Hillsborough County records. The new note replaces a $30.3 million mortgage from New York Life Insurance Co. in 2013, Yardi Matrix shows. The borrower had acquired the asset for $47.4 million from Crow Holdings in 2017.
Located on 18 acres at 7940 Citrus Garden Drive, the property encompasses 17 buildings completed in 2012. The unit mix has one- to three-bedroom floorplans ranging from 742 to 1,659 square feet. The amenity package includes a swimming pool, gym, business center and game room.
Citrus Village is across the street from Sickles High School and on the northern edge of a Publix-anchored shopping center. The 1 million-square-foot Westfield Citrus Park mall is less than 2 miles south. Downtown Tampa, some 15 miles southeast, is accessible via Veterans Expressway.
In May, Preferred Apartment Communities received a $45 million Freddie Mac loan for the purchase of Parkside at the Beach, a 288-unit community in Panama City Beach, Fla. The Ardent Cos. sold the property.