St. Petersburg Community Receives $24M Refi
- Jan 03, 2018
Berkadia has arranged the $23.7 million refinancing of the Isles of Gateway, a 212-unit community located in St. Petersburg, Fla. Freddie Mac’s Green Advantage program, which provides borrowers with loan pricing for energy saving certifications or a commitment to energy-saving improvements, originated the loan. Freddie Mac structured the 10-year loan with five years of interest-only payments, an 80 percent loan-to-value ratio and a 30-year amortization period.
Located at 10600 4th Street North, in the Carillon/Gateway area, the property is close to downtown St. Petersburg, downtown Tampa and the Westshore office corridor, as well as to Tampa International Airport. The community, built in 1987, comprises a mix of one-, two-, and three-bedroom apartments, which feature stainless steel appliances, wood-plank flooring and screened-in patios or balconies. Community amenities include:
- 24-hour fitness center
- resort-style pool and jacuzzi
- two pet parks
- lighted tennis and basketball courts
“We were able to arrange very compelling loan terms utilizing the Freddie Mac Green Up program,” said Brad Williamson, senior director at Berkadia, in prepared remarks. “Due to the vintage of the property, this asset was an ideal candidate for the Green Up program. It allowed us to both reduce the spread by approximately 25 basis points and create energy savings, which is great for the clients’ bottom line.”
Berkadia represented the borrowers, Rosehill Group and GPC Truss. The company’s team included Williamson, Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins. In October 2017, the company secured $98.92 million in financing—also secured via Freddie Mac—for the acquisition of two Florida properties.
Image courtesy of Yardi Matrix