Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged a $28.535 million loan for the acquisition of 248 out of 260 units at Serenity Lake, a vintage garden-style community in Tampa, Florida.
Managing Director Scott Wadler of Berkadia Miami and Wes Moczul of Berkadia Orlando, along with Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson of Berkadia Boca Raton, secured the financing on behalf of the borrower, Ambrus Asset Management.
Ladder Capital provided the loan, which consists of $23.25 million initial funding, $4.12 million for CapEx, and $1.51 million for the purchase and renovation of the remaining condo units. Ambrus plans to implement a property-wide renovation and repositioning for Serenity Lake.
“Serenity Lake presented a unique opportunity to acquire a well-located value-add asset significantly below replacement cost with strong in-place cash flow and yield,” said Moczul. “The acquisition also gives Ambrus significant economies of scale since they own an adjacent property and two other multifamily assets within a two-mile radius.”
“The successful acquisition and repositioning of Serenity Lake marks a significant milestone in the continued expansion of Ambrus Asset Management,” said Eduardo Sanclemente, President of Ambrus. “Tampa’s dynamic growth, economic vitality, and strong fundamentals present an exciting environment for strategic investment. With Serenity Lake, we are not only gaining scale but also enhancing the quality of living for residents through thoughtful renovation and community-driven improvements. We’re confident in Tampa’s trajectory and proud to deepen our footprint in one of Florida’s most promising markets.”
Built in 1974 at 14508 Seaford Circle, Serenity Lake consists of 16 two-story, concrete block buildings and a single-story clubhouse/leasing office located on 15.58 acres. One- and two-bedroom units offer oversized closets, patios/balconies, and washer/dryer connections.
The property is well-located within the University submarket of Tampa with access and frontage along E Bearss Avenue. It is within minutes of several prominent employers including Veterans Hospital, AdventHealth Hospital, Moffitt Cancer Center, PepsiCo, Yuengling Brewery, and Busch Gardens, and over $2 billion in new developments including the $1 billion University Mall redevelopment.
