Berkadia arranges $33 million recapitalization for Tampa multifamily portfolio

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Palm Square Homes
Berkadia arranged $33 million in refinancing for a three-property, portfolio encompassing Uptown Apartments, Montierra Apartments and Palm Square Homes in Tampa, Florida.

Berkadia announces it has arranged $33 million in refinancing for a three-property, 502-unit multifamily portfolio encompassing Uptown Apartments, Montierra Apartments and Palm Square Homes in Tampa, Florida. Managing Director Scott Wadler of Berkadia’s Miami office and Associate Director Wesley Moczul of Berkadia’s Orlando office secured the loans on behalf of Ambrus Asset Management, a real estate investment firm based in Tampa.

“We were thrilled to have the opportunity to partner with Berkadia to secure long-term financing for our portfolio during this historically low interest rate environment,” said Eduardo Sanclemente, President of Ambrus Asset Management. “We plan to continue to grow our footprint throughout the region and remain extremely bullish on Florida multifamily market fundamentals and growth.”

Berkadia originated the three Fannie Mae-backed loans.

“We were successful in structuring three non-crossed, 12-year, fixed rate loans offering interest only which aligned well with the Sponsor’s long-term vision for the assets,” said Wadler. “The portfolio recap will allow the Sponsor to continue their value-add strategy for these properties, including both interior and exterior improvements, to significantly drive property performance as growing renter demand continues in the North Tampa market.”

Built in 1973, Uptown Apartments is a 292-unit pet-friendly community located at 2002 Colonial Parc Drive. Studio, one-, two-, and three-bedroom units include modern white kitchens with brushed nickel accents, spacious closets and a private patio/balcony. Community amenities include three swimming pools, on-site laundry facilities, a dog park, picnic area and courtyard.

Built in 1970, Montierra Apartments is 96-unit garden-style community situated at 14401 N 22ndStreet. Offering one- and two-bedroom units, the community features a swimming pool, laundry facility, sports court and clubhouse.

Built in 1975, Palm Square Homes is a 114-unit garden-style community located at 102 E 122ndAvenue. Studio, one- and two-bedroom units include walk-in closets, tile floors and a private patio/porch. The pet-friendly community features a swimming pool, laundry facilities and a package service.