Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $32.41 million loan on behalf of Robbins Property Associates and Hartford Investment Management Company (HIMCO) to refinance Lakeside Central Apartments, a 228-unit garden-style apartment community located in the Tampa suburb of Brandon, Florida.
Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Brad Williamson, and Vice President Hugo Hernandez of Berkadia Miami and Boca Raton secured the financing.
Berkadia originated the Freddie Mac-backed five-year, fixed-rate loan with a 70% loan to value. Berkadia also financed the property’s acquisition in 2018 with a floating-rate, Freddie Mac loan.
“After completing an extensive value-add program, the Sponsors sought to put fixed-rate financing in place,” said Sinberg. “Demand for high-quality apartments in Tampa’s suburbs remains strong in large part to a robust economy and high-interest rates that are encouraging renting.”
Community amenities at Lakeside Central include a newly renovated clubhouse; renovated and expanded 24-hour fitness center with a cross-training gym; resort-style pool and summer kitchen with grills; newly renovated bark park and pet spa; car care center and 24-hour maintenance; and lake views with fountains and a gazebo. Individual units feature gourmet kitchens outfitted with designer cabinetry, wood-style plank flooring, and abundant storage.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
