Upscale Tampa Community Scores $48M Loan

The recently completed 381-unit Peridot Palms is located in St. Petersburg and previously benefited from a $42.7 million loan originated by Branch Banking and Trust Co.

Peridot Palms in St. Petersburg, Fla.
Peridot Palms in St. Petersburg, Fla.

CBRE Capital Markets’ debt and structured finance division has closed $48 million in permanent financing for the upscale Peridot Palms, a recently constructed community in St. Petersburg, Fla. The team represented the owner, Parkland Development Corp. CBRE Multifamily Capital Inc.’s DUS program provided the loan.

Located at 10601 Gandy Blvd. N., the 381-unit, garden-style, pet-friendly property completed in March is within a 20-minute drive of downtown Tampa, via Interstate 275 or Route 92. The property offers one-, two- and three-bedroom apartments ranging between 790 and 1,441 square feet.

Common-area amenities at Peridot Palms include:

  • two-story clubhouse with coffee bar
  • two-story fitness center
  • virtual concierge
  • tech center
  • conference room
  • pool with fire pit and jacuzzi
  • outdoor kitchen
  • private poolside cabanas
  • dog parks
  • kayak storage
  • bicycle storage
  • spa lounge
  • tanning salons

Energy-efficient incentives

The property received an energy-efficient certification from the Green Building Initiative. The certification permitted additional financing incentives. According to Yardi Matrix, the owner developed the property with the help of a $42.7 million construction loan funded by Branch Banking and Trust Co., which was secured in April 2015.

Benjamin Roelke of CBRE Dallas arranged the long-term financing for the luxury St. Petersburg community, and provided consulting services. The new financing structure allowed for both rate-lock and closing before the property achieved stabilized occupancy and featured a low, fixed interest rate with full-term, interest-only payments.

“The capital markets for financing pre-stabilized multifamily properties remain dynamic and ever-changing,” said Roelke, in prepared remarks. “In this case, exceptional financing terms were achieved by combining energy-efficient incentives with a customized financing solution for an experienced sponsor who developed an exceptional property.”

Image courtesy of CBRE