Berkadia Arranges Refinancing for Two Multifamily Properties in Florida
MIAMI (November 2, 2022) – Berkadia announces it has secured the recapitalization of two properties in Florida: Rosemont Windermere in Orlando and The Lofton Place Apartments in Tampa, Fla. Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins, Brad Williamson and Scott Wadler and Vice President Hugo Hernandez of Berkadia Boca Raton secured the financing for both properties on behalf of the owner, Boston-based Taurus Investment Holdings, a global private equity real estate firm.
A bank provided the $49.15 million, full-term, three-year loan with interest only and an aggressive floating interest rate for Rosemont Windermere, and Freddie Mac provided the $36.5 million,10-year term loan, with five years of interest only and a floating interest rate for the Lofton Place Apartments.
“Despite market volatility, Tampa and Orlando are markets that have demonstrated strong fundamentals with continued upside for rent growth. Due to these factors, Taurus and Aegon completed their third recapitalization which incorporates an ESG improvement plan, part of the RENU program, in addition to a traditional Capital improvement plan to bring the assets to the next level,” said Robbins.
Earlier this year, Taurus and Aegon AM announced a four-year, $600 million ESG-centric partnership aimed at acquiring value-add multifamily assets and reducing their energy consumption and carbon outputs. Through Taurus’s energy-focused subsidiary, RENU Communities, Taurus delivers decarbonized energy retrofits to existing real estate assets.
“Our goal from the start of this venture with Aegon AM has been to decarbonize properties in a way that is beneficial to all parties,” said Peter A. Merrigan, CEO of Taurus. “Residential and commercial properties in the U.S. contribute over 30% of greenhouse gas emissions annually. Yet, with that challenge, we recognize an opportunity to improve value for our clients, while creating sustainable assets that are both healthier for the environment and resilient against energy cost volatility.”
Rosemont Windermere is a 360-unit luxury apartment community, built in 1989 and located at 6421 Conroy Road. Rosemont Windermere offers one-and two-bedroom apartments and two-bedroom townhome-style lofts that range from 740 square feet to 1,145 square feet. Individual units feature vinyl faux-wood flooring, oversized windows, vaulted ceilings, high-speed internet access, stainless-steel appliances, custom designed countertops, brushed nickel fixtures, flat-top ranges, in-unit washer and dryers, ceiling fans, a wood burning fireplace, walk-in closets, tub and showers and are cable ready. Community amenities include a resort-style pool, a tennis court, table tennis, fitness center, hammock garden, bark park, internet café and coffee bar, a business center, fire pit, grilling area, 24/7 maintenance and monthly resident events. Located in Orlando, Rosemont Windermere is close to Universal Studios, University of Central Florida, The Mall at Millenia, Fun Spot America, ICON Park, International Drive, Valencia College and Bronze Kingdom Museums and less than 30 minutes away from the Orlando International Airport.
The Lofton Place Apartments are a 280-unit apartment community built in 1988 and located at 5412 Deerbrook Creek Circle. It offers one-, two- and three-bedroom apartments that range from 654 square feet to 1,218 square feet. Individual amenities feature hardwood floors, granite countertops, eat-in kitchens, vaulted ceilings, built-in entertainment centers, washer and dryers, extra storage, garden-style tubs, spacious walk-in closets, large patios and balconies. Community amenities feature lake views and lake access, a resort-style lakeside pool with Wi-Fi, a 24-hour fitness center, fire pit, a clubhouse, car wash area, laundry facilities, playground, tennis court, volleyball court, picnic area and property manger on site with 24-hour availability. Located in the heart of Tampa, Lofton Place Apartments are minutes away from I-275, Downtown Tampa, the Raymond James Stadium, the University of South Florida, Busch Gardens Tampa Bay, Adventure Island, University Mall, the Carrollwood neighborhood and the Tampa International Airport.