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| Chip Sykes |
ATLANTA, GA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45.439
million in acquisition financing for St. Croix, a 540-unit, garden-style
apartment community in Tampa, Florida.
Working exclusively on
behalf of The RADCO Companies, HFF placed the seven-year, floating-rate
acquisition loan with Freddie Mac’s Green Advantage Program.
The securitized loan will be serviced by HFF,
a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. This is RADCO’s 68th acquisition since 2011,
its sixth community in Florida and its fifth community in Tampa.
The 540-unit, Class B
property has been renamed Radius Tampa Palms.
Built in two phases, the property is situated on 27 acres at 14501
Caribbean Breeze Drive just one mile north of the University of South Florida’s
main Tampa campus, which is home to prestigious medical institutions such as
the H. Lee Moffitt Cancer Center & Research Institute, Florida Hospital and
the James A. Haley Veterans’ Hospital.
Additionally, the property
is near numerous business parks along the Interstate 75 corridor and
entertainment and retail destinations, including Busch Gardens and University
Mall.
Radius Tampa Palms
consists of 25 two- and three-story buildings with one- and two-bedroom units
averaging 754 square feet. Community
amenities include a fitness center, two pools, three lighted tennis courts,
sand volleyball court, clubhouse, business center and dog park.
The HFF debt placement
team representing the borrower was led by director Chip Sykes along with associate Ware Shipman, who provided analytical and transaction management
support.
“We are extremely pleased
to have had the opportunity to work with RADCO and Freddie Mac on this
acquisition,” Sykes said. “The strong
rent growth trends and supply/demand fundamentals in the submarket are highly
conducive for another successful value-add execution by our friends at RADCO.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Specialist
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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