TAMPA, FL—Multifamily assets in the Tampa Bay area are winning financing. CBRE just arranged $12.6 million in financing for two multifamily complexes in St. Petersburg and Dunedin, FL.
The two multifamily assets are Gateway Apartments at 2000 Gandy Boulevard North in St. Petersburg and Lo Garto Apartments located at 257 Milwaukee Avenue in Dunedin. The multifamily properties offer a combined 332 apartment units.
CBRE worked on behalf of the buyer to secure acquisition financing through Freddie Mac. Both are 10-year loans with partial interest only and represent a 75% loan-to-value ratio. Proceeds were used to acquire both multifamily properties.
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