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Robbins Property Associates Secures Financing for Lakeside Apartment Homes

Berkadia Arranges $24M for Multifamily Community in Brandon
February 13, 2018
Robbins Property Associates secured $24 million in acquisition financing for the Lakeside Apartment Homes located at 529 S. Parsons Ave. in Brandon, Fl.

Mitch Sinberg, Matthew Robbins and Eric Savir of Berkadia arranged the Freddie Mac financing on behalf of the owner. It carries a 10-year, floating-rate term with five years of interest-only payments and a competitive spread over LIBOR, according to Berkadia. The transaction was arranged at a LTV ratio of 80 percent.

  Related News: Robbins Property Associates Pays $30M for Brandon Multifamily CommunityJANUARY 31, 2018  |  SAMUEL MASSANOPOLI

"Hillsborough County is expected to see total non-farm employment expand by 2.8 percent, making value-add properties in suburban communities compelling opportunities for investors," said Sinberg, a senior managing director with Berkadia. "As effective rents are anticipated to advance by 2.0 percent this year, our ability to put together a loan that would complement the growth surrounding Brandon will allow the buyer to see positive returns over an extended period of time."

The Lakeside Apartment Homes delivered in 1985 and is a 228-unit apartment community located across from Brandon Regional Hospital. It features one- and two-bedroom units that include dishwashers, Wi-Fi, a balcony/patio and walk-in closets. The community also offers sports courts, a fitness center and resort-style swimming pools.

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