Sunday, April 18, 2010

Franklin Street Real Estate Services Closes Cinnamon Cove Apartments Sale

TAMPA, FL-- Franklin Street Real Estate Services is pleased to announce the sale of another multifamily property. Cinnamon Cove apartments, 314 units, built in 1967 located at 12401 N. 15th Street, Tampa, FL 33612, in Northeast Tampa.

Robert Goldfinger  (top left photo) , Darron Kattan (top right photo) and  Kevin Kelleher (bottom left  photo)  of Franklin Street Real Estate Services represented both parties in the transaction.

The Seller was Grace Properties No. 26, LTD, owned by Central Florida Investments based in Orlando.

The buyer was St. Thomas Properties, LLC., a private entity based in Tampa.

The seller had owned the property for over 20ears and it has income and rental restrictions in place as the property was operated under IRS Section 42 tax credit guidelines and an accompanying Land Use Restriction Agreement. The property closed for $3,400,000, which translates to $10,828/unit and $19.86/foot.

The property was operating with minimal cash flows due to significant capital needs, 8 down units that will likely not be recovered, inefficient operations and the general negative pressures on rents & collections in the economy, particularly in the lower income neighborhoods.

“This was a grueling sale,” said Goldfinger. “The seller was, in the end, a distressed seller that needed to dispose of this property to solve other problems.

"They struggled with the falling prices of the market over the last 18 months and were not able to catch up till today. The Buyer is a local, “hands on” operator.

"We were able to introduce the buyer to a local bank where they established an overall banking relationship and got a conventional first mortgage. The deal was never contingent on financing and the buyer did expedited inspections and put money at risk early in the process to give the seller comfort to choose them as a buyer.

"While the pricing may look depressed, it is a challenging property in a variety of ways and needed to offer the buyer quality upside for the risk factors involved.

Franklin Street Real Estate Services is a Franklin Street Financial Partners company providing a complete scope of commercial real estate services to an extensive array of clientele.

For more information, please visit our website at  or contact our office at (813) 839-7300. Franklin Street Financial Partners – Financial Strength from Partners you can trust.

Contact: Tania Monte, New Direct Line 813-658-3366, Transaction Coordinator, Franklin Street Real Estate Services, 5420 Bay Center Drive, Suite 100 ▪ Tampa, FL 33609, Office: 813.839.7300 ext. 326 ▪ Fax: 813.839.7330, Email:

No comments: