TAMPA, Fla. (October 4, 2021) – Berkadia announces it has arranged a loan for the refinancing of Westshore Crossing, a 337-unit garden-style apartment community located in the Wellswood submarket of Tampa, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami arranged the loan on behalf of Westside Capital Group, a real estate investment holding firm based in Miami led by Jakub Hejl.
ACRES Capital, LLC provided the four-year, floating-rate loan, with full-term interest only.
“Despite having owned the asset for a short period of time, the sponsor was able to add so much value under its ownership that it qualified for a second bridge loan, resulting in a lower interest rate and increased leverage to continue to elevate the transition of the property,” said Foschini. “The asset continues to outperform its comparable set and that is expected to continue as the Tampa metro area is among the most desirable multifamily investment markets in the country.”
According to Berkadia’s Mid-Year Multifamily Report for the Tampa-St. Petersburg market, Tampa’s multifamily market showcased exceptionally strong performance on all measures in 2021; average rent posted gains of 12.7 percent year over year as of Q2 2021, and apartment units absorbed were almost double those delivered so far this year.
Westside Capital owns real estate assets throughout the state of Florida, in the Tampa, Orlando, Jacksonville and South Florida metro areas. In addition, Westside owns an approximately 1,100-unit apartment complex on over 100 acres in Birmingham, Alabama. Westside’s development pipeline includes thousands of new planned or approved units on land it owns in Florida and Alabama, and the company is actively pursuing deals throughout the Southeastern U.S.
Built in 1973 and located at 4515 N. Rome Ave, Westshore Crossing comprises 20 buildings on a 13.4-acre site. The unit mix offers efficient studio, one-bedroom, two-bedroom and three-bedroom floorplans 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 acquired the property, then known as Waterman’s Crossing, in 2019.
The property is ideally located on the Hillsborough River near 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).