Tampa, Fla. (Dec. 1, 2020) – Berkadia announces it has arranged $40.04 million in acquisition financing for Century Cross Creek, a 297-unit garden style, multifamily community in Tampa, Florida. Senior Managing Director Mitch Sinberg and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office secured the financing on behalf of a JV between Robbins Property Associates and LEM Capital. Upon acquisition, the property will be renamed The Parq at Cross Creek.
Berkadia originated and Freddie Mac purchased the 10-year, floating rate loan with 5 years interest only.
“Tampa Bay’s diverse job growth has made it one of the most attractive places for economic and real estate development in the nation,” said Sinberg. “Even among small businesses, the area outpaced much of the U.S. with gains in employment that show promising signs of growth that reinforce strong multifamily fundamentals.”
Built in 2008 with three buildings added in 2014, Century Cross Creek is located at 10821 Cross Creek Boulevard. One-, two- and three-bedroom units feature vinyl plank flooring, walk-in closets, custom kitchen islands and a full-size washer/dryer. Community amenities include Amazon HUB lockers, a coffee shop, a car care center, swimming pool and tennis court.
Robbins Property Associates and LEM Capital plans to execute a comprehensive value-add business plan to upgrade the property’s interiors, exteriors, and amenities.
Situated just 15 minutes away from I-75, Century Cross Creek’s proximity to the corridor brings residents close to a number of corporate campuses and business parks. Hidden River Corporate Park, which includes Fortune 500 firms such as Citibank and Johnson & Johnson, TIAA and Wells Fargo is only 15 minutes away. Tampa Oaks Office Park is also just 15 minutes away, bringing residents near employers such as BAE Systems, Liberty Mutual and University of Phoenix.