Tapestry Citrus Apartments, Florida

March 7, 2017 Comments Off on 400 Units Trade for $73M Views: 661 Florida, National News, Southeast

400 Units Trade for $73M

Brookview Realty Group LLC acquired Tapestry Citrus Park, a 400-unit, gated apartment complex in Tampa, FL. The Uniondale, NY buyer paid Birmingham, AL-based seller/developer Arlington Properties Inc. and a Glenmont investment vehicle $73 million for the asset at 12780 Olive Jones Rd. Patrick Dufour and Scott Ramey, with ARA Newmar,k represented the seller in the transaction.

Matthew Williams, with Newmark Grubb Knight Frank’s Capital Markets, arranged for the bridge loan through ARES Commercial Real Estate. The four-year loan totaled $53.8 million, and has one 12-month extension option. The floating interest rate was 30-day LIBOR plus 365.

“We approached a broad range of lenders for this transaction as a result of the post-election interest rate volatility,” Williams said. “Ultimately, we secured a four-year bridge loan through ARES Commercial Real Estate at an all-in interest rate which will allow the sponsor to implement their business plan with the asset.”

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