Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $33.3 million loan for the acquisition of Gateway on 4th Apartments, a 304-unit multifamily asset in St. Petersburg, Florida.
Managing Director Brad Williamson and Associate Director Wes Moczul, along with Senior Managing Director Mitch Sinberg, and Managing Directors Scott Wadler and Matt Robbins of Berkadia Miami and Boca Raton, arranged the financing on behalf of a Texas-based firm. The deal closed on June 30.
“The sponsor saw an opportunity to expand its footprint in Florida with a well-located multifamily asset in good condition with an exceptionally strong occupancy history in one of Florida’s fastest-growing metros,” said Williamson. “Freddie Mac provided competitive terms that will allow the firm to confidently execute on its business plan.”
Built in 1974 and located at 501 116th Avenue, Gateway on 4th Apartments consists of 32 two-story apartment buildings on a 15-acre site offering a mix of one-, two- and three-bedroom apartments ranging from 618 square feet to 1,498 square feet. Amenities include a swimming pool with sundeck, 24-hour fitness center, bark park, dog wash station, outdoor kitchen with picnic seating, firepit area, jogging trail, and children’s playground. Renovations planned for the community include adding washer/dryers to units, installing new appliances, and replacing floors and fixtures as needed.
Conveniently located 5 minutes from I-275 and Highway 92, Gateway on 4th Apartments is just 20 minutes from downtown Tampa, 15 minutes from Downtown St. Petersburg, and 25 minutes from the beaches of St. Pete. It is located near several of the area’s top schools and employers, including Pinellas County Schools, St. Petersburg College, Galen College of Nursing, Publix, Jabil, HSN, and HCA Florida Northside Hospital.
