Southern Cove
TAMPA, FL—Berkadia has arranged $17.77 million in acquisition financing for Southern Cove, a 180-unit multifamily community here. The financing was arranged on behalf of an affiliate of 29th Street Capital, a privately held real estate investment firm based in San Francisco.
Berkadia originated a three-year, interest only Freddie Mac Value-Add loan with a three percent floating interest rate.
"As one of the fastest growing cities in Florida, the Tampa MSA offers a diversified labor market accompanied by high population growth," said Brad Williamson, managing director in Berkadia's Boca Raton office, in a prepared statement. "In addition to solid fundamentals, value-add assets like Southern Cove provide a significant opportunity to take advantage of the area's positive trajectory with a propitious hold period."
GlobeSt.com was unable to reach Berkadia for additional comment.
Built in 1974, Southern Cove is located at 8741 Grove Terrace. Two-bedroom apartments and townhomes offer some of the largest floorplans in the submarket and include a dishwasher, hardwood flooring, disposal, balcony/patio and oversized closets. Community amenities include a business center, clubhouse, bark park, swimming pool, tennis courts, laundry facility and on-site maintenance and management. 29th Street Capital plans on repositioning the asset.
Located in Tampa's Temple Terrace neighborhood, Southern Cove is near large employment hubs and entertainment. The University of South Florida, serving over 50,000 students, is less than two miles away.
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