Tampa-Area Community Secures $12M Refi
- Dec 20, 2018
Fountain Square Apartments, a 148-unit garden-style community, has received $11.6 million in refinancing. Berkadia arranged the 12-year, Freddie Mac, fixed-rate loan with full-term interest only, on behalf of the borrower, Capital Pensam.
The community is located at 225 E. Edgewood Drive, in the Cleveland Heights neighborhood of Lakeland, Fla., near freeways 98 and 570. Fountain Square Apartments is close to various dining, shopping and entertainment options, including the Lakeland Yacht & Country Club, Lakeside Village Mall, Southgate Publix, Common Ground Park and Lake Hollingsworth. Additionally, the property is situated approximately 7 miles from Lakeland Linder International Airport.
Constructed in two phases between 1972 and 1975, the nine-building community encompasses a mix of one- two- and three-bedroom units, averaging 1,041 square feet. The units feature ceramic and vinyl tile floors, screened patios or balconies, utility rooms, fully equipped kitchens and full-size washer and dryer connections. Communal area amenities include a laundry facility, clubhouse, two swimming pools, a playground, picnic areas, outdoor kitchens and a gazebo.
“Working together with Freddie Mac we were able to put them in a position to index lock ahead of the interest rate volatility that now pervades the capital markets. With a long-term approach to ownership on this asset, we were able to return capital to the investors and assure a continued return for many years to come with this interest-only loan,“ said Charles Foschini, senior managing director at Berkadia, in a prepared statement.
Berkadia recently arranged $36.6 million in financing for the acquisition of Emery Bay at Lakepointe, a 360-unit community in Lewisville, Texas.
Image courtesy of Yardi Matrix