Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.
MF1 provided an 80 percent LTC five-year, floating-rate loan bridge loan.
ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.
“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”
“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”
Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.
Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.