TAMPA, FL—Summer Palms, a 340-unit, garden style multifamily project in the Tampa suburb of Riverview, FL, has won investor confidence. HFF just arranged $29 million in financing for the complex.
HFF worked on behalf of the borrower, an entity controlled and managed by Beachwold Residential, to secure the 36-month, bridge/acquisition loan. GE Capital Real Estate made the loan.
“Most apartment investors are searching for value-add opportunities that still have true upside in rents,” HFF managing director Elliott Throne, tells GlobeSt.com. “By pairing these investors up with aggressive bridge capital providers, we have further helped buyers achieve great returns in an overall sales market where competition is making it difficult to find a 'good' deal.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.