Berkadia arranged the debt and equity recapitalization of Pointe at Carrollwood, a 224-unit value-add apartment community in northwest Tampa, Florida. Built in 1984 and located at 4949 Marbrisa Drive, Pointe at Carrollwood is situated in a natural conservation area of Tampa, surrounded by lush landscaping and natural lakes.
Scott Wadler, Matt Nihan, Matt Robbins, Brad Williamson, and Director Mitch Sinberg of Berkadia Miami and Boca Raton negotiated the financing package on behalf of Beacon Real Estate Group.
Berkadia originated, and Freddie Mac provided a $29.93 million, five-year fixed-rate loan. In addition, Atlantic Pacific Companies provided a preferred equity investment of $8.42 million for a total financing package of $38.35 million.
Beacon purchased the property in March 2022 and has since invested more than $3.6 million in capital improvements. It is currently 95% occupied.
“Proceeds of the loan will be used to pay off the prior acquisition loan and allow the Sponsor to continue its value-add business plan,” said Wadler.
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