TAMPA, FL - Berkadia announced today it has arranged a $25 million loan for the recapitalization of Buena Vista, a 240-unit garden-style apartment community in the Wellswood neighborhood of Tampa, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone secured the loan on behalf of Westside Capital Group, (“Westside”), a real estate investment holding firm based in Miami with multiple apartments in the Tampa area.
Fannie Mae provided the 12-year, fixed-rate loan, with partial interest only at a 70% loan to value.
“Westside Capital had done a remarkable job with this asset since Berkadia provided the original bridge loan two years ago,” said Foschini. “The asset is now fully renovated and stabilized, enabling Westside to access today’s incredibly low interest rates and attractive terms. Working together with Fannie Mae, we were able to provide a loan that was aggressive in dollars, rate and terms, taking full advantage of the value the sponsor has added during its short term of ownership.”
Added Jakub Hejl, Westside’s Founder and President, “As we predicted two years ago, the Wellswood community has continued to expand and attract new investment from both the corporate and real estate community because of its exceptional location and amenities, and we’re very pleased to have started this evolution with our investments. The Tampa economy has proven very resilient relative to the country overall with employment bouncing back in June of this year, driven in part by the region’s finance, industrial and e-commerce sectors.”
Built in 1985, Buena Vista consists of 10 buildings each containing 24 units on a 5-acre site. The property offers a mix of studio, one-bedroom and two-bedroom floor plans, with units averaging 700 square feet. Community amenities include a clubhouse, covered parking, fitness center, swimming pool and other tenant amenities. The property is conveniently located close to Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League (NFL).