Investors of a 300-unit Tampa-area apartment development obtained a $56.62 million loan from Mesa West Capital to recapitalize The Easton Riverview, a garden-style Class A multifamily community located in South Hillsborough County, approximately 30 minutes south of downtown Tampa, Florida.
Scott Wadler and Mitch Sinberg of Berkadia Boca Raton and Miami, along with Bryan Brown of Berkadia Tampa, arranged the financing for the sponsors, a joint venture between Cross Lake Partners, GreenPointe Holdings and Rivers Residential LLC.
“This financing allows the borrower to pay off its construction loan and have prepay flexibility to either sell or place permanent financing at an opportunistic time in the future,” said Wadler.
Mesa West Capital’s Russell Frahm and Brian Hahn provided a three-year, floating-rate loan.
Built in 2023 on 15.51 acres at 14471 Stagedoor Johnny Place in the town of Ruskin, The Easton Riverview has several standard amenities, including a pool, 24-hour fitness center, and dual EV charging stations.
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