Berkadia Announces that it has arranged funding of $ 91 million. Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, Managing Director Brad Williamson of Berkadia Miami, Senior Director Justin Ownby of Berkadia Tampa and Associate Director Wesley Moczul of Berkadia Orlando arranged the financing of the $ 112 million sale on behalf of Jan.NS Street Capital (29SC), a private real estate investment firm focused on the acquisition and development of multi-family properties. The current portfolio of 29SC was founded in 2009 and consists of more than 17,000 existing units and a new construction pipeline of over 3,500 units.
PGIM Real Estate issued the three-year floating rate loan with extension options and an interest rate of less than 3 percent. The loan includes $ 85.4 million in initial funding and $ 6.09 million in future funding for capital improvements.
“Greater Tampa has benefited from a roaring sun belt,” said Williamson. “While the pandemic curbed housing demand nationwide due to public health lockdowns, the greater Tampa-St. Petersburg bucked the US trend, and letting activity was almost twice as high as new supply in the second quarter. This acquisition illustrates the strong demand from investors for well-located multi-family properties in the region. “
Trevor Arnholt, VP of PGIM Real Estate, who led lending on behalf of the company, added, “PGIM Real Estate’s appetite for core plus lending remains robust, particularly for apartment buildings in Florida and other major US growth markets. ”
“We are targeting irreplaceable assets in desirable locations,” said Christopher Steiner, VP of Acquisitions at 29SC in Florida. “These properties are two other excellent additions to a coast-to-coast multi-family portfolio that our team added more than 4,500 units to 20 acquisitions over the past year.”
Corresponding Berkadia’s semi-annual report for apartment buildings for Tampa-St. Petersburg, over $ 1 billion in multi-family assets were traded on the metro in the first half of 2021, with an average cap rate of 4.5 percent. The metro’s local workforce recovered quickly and was 98 percent of pre-COVID levels by June 2021, although leisure and tourism businesses struggled to attract workers. A major contributor to the recovery in employment was recruitment in the largest employment sector in the market: professional and business services. The Sector’s workforce grew 9.8 percent, or 23,400 net positions, over the past 12 months.
Downtown Tampa has also seen a surge of construction projects that are expected to bring an estimated $ 13 billion worth of investments to the city by 2022.
Built in 1997, Henley Tampa Palms is located at 15350 Amberly Drive. One-, two-, and three-bedroom units have six-foot ceilings, attached garages, oversized closets, stainless steel appliances, sunken living rooms, plank floors, a fireplace, and a patio. Communal facilities include a resort-style pool, fitness center, clubhouse, dog park and air-conditioned racquetball courts. The property is in close proximity to The Shoppes of Amberly and there are five parks within 5 miles of the property. Tampa International Airport is half an hour away.
Enclave at Northwood was built in 1985 and is located at 2690 Enterprise Road East. One-, two-, and three-bedroom units have fireplaces, hardwood floors, granite countertops, vaulted ceilings, walk-in closets, washer and dryers, and spacious patios and balconies. Communal facilities include two pools, an on-site clubhouse, tennis court, fitness center, and lush landscaping. The Enclave at Northwood is half an hour from Saint Petersburg-Clearwater International Airport and offers easy access to world-class schools, parks and the Westfield Countryside Mall.