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| Cooper's Pond Apartments, Tampa, FL |
BETHESDA, MD – Beech Street Capital, LLC, announced it closed a $16.4 million Freddie Mac Capital
Markets Execution loan used to acquire Cooper’s Pond Apartments, a
463-unit complex in Tampa, Florida.
Mitch Sinberg
and Michael Wallace, senior vice presidents in Beech Street’s Fort
Lauderdale and Orlando offices, originated the transaction.
Robbins Property Associates, the borrower, had worked with
Beech Street before. Impressed with its experience using Beech Street to
finance the acquisition of Ashley Lake Park, a 300-unit complex in Boynton
Beach, Robbins decided to return to Beech Street for Cooper’s Pond.
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| Mitch Sinberg |
As in the previous deal, the borrower desired to take
advantage of historically low interest rates, and once again, Beech
Street was able to secure an early rate lock with Freddie Mac. The team also
successfully obtained two closing extensions subsequent to rate lock to
accommodate changes to the borrower structure.
“Robbins needed additional time and flexibility, and we
found it for them,” Wallace says. “Our job is to make the best possible case
for our clients with the agencies.” Clearly Robbins was satisfied. Beech Street
is in the midst of underwriting yet another transaction for the firm.
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| Michael Wallace |
Cooper’s Pond Apartments is in the Tampa-St. Petersburg MSA,
seven miles from Tampa’s central business district. The property consists of
30, two-story apartment buildings. Amenities include a clubhouse/leasing
office, pool, tennis courts, a fitness center with a racquet ball court, a dog
park, and laundry rooms.
The fixed-rate loan has a seven-year term and two years of
interest-only.
For a complete copy of the company’s news release, please
contact:
Courtney Lewis
240-507-1948
Jenifer Bernardi
240-507-1946.
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