Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged acquisition financing for Bayshore Investment Partners LLC (BIP) to acquire Laurel Lakes, a brand-new, build-to-rent (BTR) community consisting of 68 townhomes in the fast-growing Hillsborough County suburb of Seffner, Florida.
Managing Director Brad Williamson, along with Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matthew Robbins, and Vice President-Originations Kyle Ryan of Berkadia Miami secured $11.83 million in financing on behalf of BIP, a Coral Gables-based real estate investment and management firm, which acquired the community from seller D.R. Horton for $265,000 per unit. The deal closed on September 19.
Fannie Mae provided a five-year loan with a full-term interest-only amortization schedule at a fixed rate of 5.1 percent.
“This was another rewarding opportunity to partner with Bayshore Investment Partners on a build-to-rent acquisition in the Tampa Bay market,” said Williamson. “Like last year’s Cedar Ridge transaction, Laurel Lakes presented unique challenges with the seller’s hard closing date and the property still in lease-up. Ultimately, we were able to finance this as a conventional Fannie Mae loan with attractive terms and a quick closing.”
“This is our second time working with Berkadia on a BTR acquisition, and once again their team delivered exceptional results under tight time constraints. Their ability to structure financing that meets both the seller’s deadline and our long-term investment strategy is invaluable as we continue to grow our BTR portfolio,” said Jose Tello, co-founder and principal at BIP.
“The Laurel Lakes acquisition reflects our confidence in the fundamentals of the Hillsborough County market and the strength of the BTR sector,” added Efren Ales, co-founder and principal at BIP. “Partnering with Berkadia and Fannie Mae gave us a seamless process and competitive loan terms, allowing us to focus on scaling our platform and creating long-term value for our investors.”
Built in 2024 and located at 9281 Cape Verde Drive, Laurel Lakes offers concrete block attached townhomes in two floor plans, both offering three bedrooms and two and a half bathrooms along with attached garage. Individual homes feature 9-foot ceilings, fully equipped gourmet kitchens, hardwood-style flooring, in-home washer/dryer, spacious walk-in closets, smart home packages, private one-car garages, pristine lake views and more. Community amenities include on-site management, ample parking and pet-friendly spaces.
