August 19, 2019— Berkadia announces it has arranged $43.13 million in acquisition financing for Mezzo at Tampa Palms, a 340-unit garden style asset in Tampa. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Wesley Moczul of Berkadia’s Boca Raton office secured the loan on behalf of Taurus Investment Management, a global real estate private equity firm based in Boston. Preston Giuliano Capital Partners was the seller.
Freddie Mac originated a 10-year floating rate loan with partial interest only.
“After over a third of the units were renovated, the property exemplified proven value-add potential and upside with the opportunity to further the asset’s value with additional capital improvements,” said Sinberg. “The Tampa MSA also continues to outperform other job markets nationwide, making it a favorite for multifamily investors.”
Built in 1992, Mezzo at Tampa Palms is located at 15210 Amberly Drive. One-, two- and three-bedroom units include large closets, ceramic tile baths with glass enclosed showers, entertainment center and washer & dryer. Community amenities feature two resort-style pools, tennis court, playground, business center and Wi-Fi in community areas.
Located in the Tampa Palms neighborhood, the community is situated approximately 10 minutes away from Interstate 75, offering convenient access to over 22 million square feet of office space and employers including Johnson & Johnson, Citigroup, Morgan Stanley and Lowe’s Corporate, among others. Downtown Tampa is only 20 minutes south of the property, offering an additional 60,000 jobs.