Tampa-Area Community Lands $29M Refi
- Aug 23, 2019
Agora Capital Partners has scored a $24 million loan to refinance a 288-unit community within an Opportunity Zone in Port Richey, Fla. JLL arranged the 10-year, fixed-rate loan with Goldman Sachs, which features interest-only payments for the full term. Agora Capital Partners picked up the community, Agora at Port Richey, in 2017 for $29 million, according to Yardi Matrix.
The new loan replaces acquisition financing that the same deal team had secured on the borrower’s behalf. Built in 1987, the property at 8228 Chasco Woods Blvd. features 24 two-story buildings totaling 264,168 rentable square feet with a mix of one-, two- and three-bedroom units. Units have been outfitted with new appliances, faux granite countertops, and other amenities, while the community’s facilities include a swimming pool, fitness center, clubhouse, internet café and coffee bar.
Managing Director Elliott Throne and Director Jesse Wright led the team that represented the borrower. Agora Capital Partners will use the financing to hold the property over the long term, according to a statement. Port Richey is located on the Florida’s Golf Coast, north of Tampa and St. Petersburg.
Main Street Residential acquired a 143-unit community in New Port Richey from Toulon Capital Partners this month for $15.2 million.