Primerica Group One Lands $34M Refi for Tampa-Area Community

The 252-unit development is situated on 32 acres in Land O'Lakes, Fla.
The Lakes at Collier Commons

Primerica Group One has received a $34 million FHA-insured mortgage to refinance The Lakes at Collier Commons, a 252-unit community in Land O’Lakes, Fla. Greystone arranged the HUD note for the borrower. The loan has a fixed interest rate and matures in 2055.

The new origination retires two previous HUD loans totaling $33.3 million, according to Yardi Matrix data. The asset met HUD’s Energy Star requirements and received a Green Mortgage Insurance Premium reduction.

Located on 32 acres at 22743 Preakness Blvd., the community encompasses 10 buildings delivered in 2004. The unit mix has one- to three-bedroom floorplans ranging in size from 834 to 1,397 square feet. Amenities include a business center, swimming pool, spa, gym, and playground. Situated close to the retail corridor along Collier Parkway, the property is 18 miles north of downtown Tampa.

Greystone Managing Director Eric Rosenstock secured the financing for the borrower. Earlier this month, Rosenstock, along with colleague Dan Sacks, brokered a $14 million refinancing package for Bayshore Properties’ Cypress Pointe, a 174-unit community in Crown Point, Ind.