Franklin Street Secures $14M Refinance Loan for 120-Unit Multifamily Portfolio in Tampa, FL
By 11-17-21
Tampa Bay Newswire
Published: Nov 17, 2021

TAMPA, FL (November 17, 2021) — Franklin Street has arranged the $13.85 million refinancing of a multifamily portfolio in Tampa consisting of four market rate, garden-style apartment properties totaling 120 units.

Casey Siggins, Ben Miller and Casey Crane, with Franklin Street’s Capital Advisory Team, secured the 10-year, 3.41% fixed rate loan through Fannie Mae’s conventional multifamily mortgage program on behalf of the borrower, a local multifamily owner-operator with more than 25 years in the business.

The properties in the portfolio are:

• Melrose at Waters, 1915 W. Waters Ave. – 50 units

• St. Andrew’s Square Townhomes, 4113 Tartan Place – 36 units

• South Dale Villas, 6001 S. Dale Mabry Highway – 20 units

• Port Tampa Apartments, 7102-7104 S. Kissimmee St. – 14 units

The borrower has recently made significant interior, exterior and operational improvements to each of the properties. The loan was structured with seven years of interest-only payments, which will allow significantly more cash flow to reinvest into further capital improvements in the coming years.

“In addition to the increased cash flow, this loan allowed the borrower to recuperate a significant amount of cash-equity in the assets, which will afford them the opportunity to grow their portfolio with future investments,” said Miller.

Siggins added, “Despite the scattered site makeup of the portfolio, a rising treasury market and current third party report timelines, our team was able to close on this loan with higher proceeds than application in less than 60 days.”