Berkadia announces it has secured $56.89 million in financing for the acquisition of Hanley Place Apartments, a 400-unit community in Tampa, Florida. Managing Director Brad Williamson of Berkadia Miami and Associate Director Wesley Moczul of Berkadia Orlando arranged the financing on behalf of ZMR Capital, a Tampa-based real estate investment firm that acquired the asset for $65 million.
ACRES Capital originated the 3-year, floating rate loan with full IO and extension options. The loan includes $49.7 million in initial funding, with $7.18 million in future funding for capital improvements.
“Tampa Bay’s demographics and attractive labor dynamics create a propitious climate for multifamily investment throughout the metro area,” said Williamson. “With greater household formation and overall demand for rentals, Tampa Bay has now seen rents rise faster than any other metro in the nation, providing an attractive opportunity for buyers and owners to enter or maintain their positions in the market.”
“With its large footprint, strong unit mix and central location, Hanley Place is a perfect fit as we expand our portfolio in Tampa,” said Zamir Kazi, CEO of ZMR Capital. “Between our extensive planned improvements and the Tampa market’s strong demographics and economy, we are confident Hanley Place will see long-term growth and stability.”
Built in 1971, the community is located at 7315 W Hanna Avenue. One-, two- and three-bedroom units include vinyl flooring, walk-in closets, storage units, dishwasher and private patio/balcony. Community amenities include a swimming pool, business center, clubhouse, courtyard, grill, picnic area and pet play area.
Located in Tampa’s Town ‘N’ Country neighborhood, the property is found near multiple transit routes and major employers. W Hillsborough Avenue and Eisenhower Blvd N are approximately five minutes away, offering direct access to Downtown Tampa which is about 15 minutes away. Tampa International Airport is also nearby at about 10 minutes away from the community, bringing residents close to 650 employees at one of the area’s most important institutions.