Tampa Bay Luxury Community Lands $45M Refi
- May 17, 2019
Dunedin Commons LLC, a subsidiary of Primerica Group One, has received $44.5 million in refinancing for Dunedin Commons Apartments, a 227-unit luxury multifamily property in Dunedin, Fla. The 10-year permanent Fannie Mae loan has a 4.19 percent interest rate, with five-year interest-only followed by a 30-year amortization at 70 percent loan-to-value ratio. Berkadia secured the loan on behalf of the borrower.
Located at 2701 Dunedin Commons Place, at the corner of Patricia Avenue and Scotsdale Street, the property is just 4 miles from Clearwater and roughly 24 miles from downtown Tampa, with St. Pete–Clearwater International Airport within a 20-minute drive. Residents also have easy access to Dunedin City Center, which is offers beaches, festivals and various dining venues.
Situated on a 12-acre site, Dunedin Commons Apartments consists of six three- and four-story buildings completed in 2019, according to Yardi Matrix data. The community offers one-, two- and three-bedroom units with floorplans ranging from 675 to 1,373 square feet. The apartments feature island kitchens with granite countertops, faux wood plank flooring and black-on-black appliances. Common-area amenities include a fitness and yoga studio, tennis court, media room, walking and jogging trails and a resort-style pool.
Berkadia’s Senior Managing Director Marc Sumner of the Orlando office arranged the refinancing on behalf of the borrower. A month ago, a Berkadia team of the Miami office secured a $13.6 million recapitalization for a community located 1 mile west of Dunedin Commons.