Berkadia announces it has secured a $27.69 million loan for the acquisition of 161 out of 248 units at Harbourtowne at Country Woods, a fractured condominium community in Palm Harbor, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami arranged the financing on behalf of the buyer, ESG Kullen.
A regional bank provided the five-year loan at a highly competitive spread that included three-years of interest only and future funding for additional unit purchases and CapEx renovations.
“ESG Kullen was able to capitalize on their successful track record in the fractured condo space and identify a highly desirable fractured condo community in a high growth market, with a significant asset level of upside opportunities,” said Apone. “Their long-term experience in this asset space, and the Florida markets, provided an array of debt options with a bank execution that offered the best combination of flexibility and leverage, while also bringing a highly competitive interest rate versus traditional debt fund lenders.”
Located at 1697 Nantucket Court, Harbourtowne at Country Woods offers one-, two- and three-bedroom units that average from 675 to 1,300 square feet. Individual amenities feature all-electric kitchens, ceiling fans, central air and heating, a pantry, walk-in closets, washer and dryers or connections and wood burning fireplaces. Community amenities include a swimming pool, spa, fitness center, tennis court, racquetball court, a picnic area with barbecue, a clubhouse, guest parking and on-call maintenance.
Harbourtown at Country Woods is nestled between St. Petersburg and Tampa and offers easy access to County Road 1, close to the Gulf of Mexico beaches, The Caladesi Island State Park, the Innisbrook Resort & Golf Club, the Fred Marquis Pinellas trail, Pop Stansell Park and it is 30 minutes away from the Tampa International Airport.