As part of the acquisition, Westside removed all Land Use Restriction Agreement limitations that were previously encumbering the property and has assessed development potential of up to 72 new multifamily units on the property. Westside anticipates an additional $8 million of investment expenses should it develop these units.

"Jakub (Westside) has a highly developed sense for spotting value," says Foschini. "Where most saw complications in the land use restriction agreement, the distress of a greater portfolio that influenced this asset, and the extended time frames to unwind it all, Jakub saw opportunity. Working together, we were able to find a lender who shared that vision and unlock the value of this property before a paintbrush was lifted."

He adds, "This is an exceptional investment opportunity and a good loan for the lender, who provided the capital for the acquisition as well as the capital improvements, thereby supporting Westside as they re-imagine another multifamily community for the benefit of both residents and investors."

Built in 1973 and located at 4515 N. Rome Ave, Watermans Crossing comprises 20 buildings on a 13.4-acre site. The unit mix offers efficient studio, one-bedroom, two-bedroom and three-bedroom floor plans with units averaging 895 square feet. Community amenities include a clubhouse, 876 parking spots, a fitness center, three swimming pools and other tenant amenities. Westside aims to update common areas and perform targeted interior unit upgrades, Berkadia notes.

This is Westside's second investment in the Wellswood submarket of Tampa. In 2018, Westside acquired Buena Vista, a 240-unit multifamily community less than a mile from Watermans Crossing, for $21.25 million, with $19.43 million in financing also secured by Berkadia.

"Watermans Crossing is another successful execution within our multifamily program investing in distressed yet well-located assets that we turn into high-quality housing for residents at affordable rents," says Jakub Hejl, Westside's founder and president. "Between our acquisitions and planned capital improvements, we have now invested approximately $70 million in two properties within a one-mile radius in the Wellswood neighborhood, with a significant portion of that capital contributing to improving quality of life for our residents and enhanced curb appeal of our properties.

He adds that the firm plans to complete another investment, increasing its Tampa portfolio to approximately $100 million.