ORLANDO—The Preserve at Tampa Palms just won a $29.4 million refinancing. Hunt Mortgage Group arranged the Freddie Mac loan to refinance the multifamily asset in Tampa, FL.
"Construction was completed in 2002 and The Preserve at Tampa Palms is in excellent physical condition," John Beam, managing director of Hunt, tells GlobeSt.com. "The property is also well located just northeast of the Tampa Central Business District in a growing market that consistently supports demand for multifamily housing."
The Preserve at Tampa Palms is a gated apartment community with 19, three-story multifamily buildings, and a one-story clubhouse/leasing office building. The multifamily garden-style class A asset has 378 units and sits on 44 acres of land.
The borrower, Preserve at Tampa Palms LLC, acquired the multifamily property in July 2015. Mitchell B. Robbins, Steven R. Robbins, and Joseph G. Lubeck, along with a major national real estate fund back the ownership.
Multifamily amenities include a swimming pool, playground, tennis court, dog park, picnic and BBQ areas, and a fitness center. The multifamily property also offers 580 surface parking spaces, 107 attached garage spaces and 54 detached garage spaces.
Marcus & Millichap estimated staffing in the Tampa metro grew by 30,200 workers, or 2.5%, in 2015. That was a slight deceleration from the 34,400 new hires made in 2014, but total employment surpassed the peak set before the recession.
Developers brought online 3,600 units in 2015, M&M reported, a dip from 4,400 rentals added in 2014. The year's total includes nearly 830 units in three multifamily projects in Central Tampa. That puts the Preserve in a strong position going forward.
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.
