TGM Lands $87M for Luxury Florida Asset

TGM Bay Isle. Image courtesy of Yardi Matrix

TGM has landed a mortgage refinancing for TGM Bay Isle, a 582-unit luxury multifamily community in St. Petersburg, Fla. Yardi Matrix data shows the seven-year Fannie Mae loan originated by Walker & Dunlop amounts to $87 million and has a fixed rate of 5.13 percent.

Completed in two phases in 1998 and 2004, TGM Bay Isle comprises 22 three-story buildings with one-, two- and three-bedroom floorplans ranging from 672 to 1,569 square feet. All apartments feature quartz countertops, in-unit washers and dryers, walk-in closets and private patios or balconies, with select units including fireplaces and stainless-steel appliances.

Community amenities encompass a clubhouse, two fitness centers, three swimming pools, a dog park, a pet spa, two outdoor kitchens and a conference room. The property is Green Globes-certified, which enabled the owner to secure competitive borrowing terms in the current deal.

Located at 11850 Dr. Martin Luther King Jr. St. N., the 50-acre property is close to Interstate 275. The community is 8 miles north of downtown St. Petersburg and roughly 14 miles from Tampa, near various dining and retail options along Fourth Street North.

Walker & Dunlop’s Allan Edelson led the team which originated the refinancing.