Beachwold Residential secures first supplemental loan for Ariel Springs in Spring Hill, FL

 

Mona Carlton

MIAMI, FL – JLL Capital Markets announced  it secured a $15.85 million financing for Ariel Springs, a garden-style, multi-housing property located in Spring Hill, Florida, about 50 miles north of Downtown Tampa.

 JLL represented the borrower, Beachwold Residential, to secure the fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo℠ lender.

Elliott Throne

Beachwold Residential acquired the property in Dec. 2018, landing $44 million in acquisition financing also through Freddie Mac.

 This financing is the first supplemental loan on the property, a result of the borrower’s capital enhancement, immense demand for quality, professionally managed apartments in the market, and the Tampa area’s rent growth through the pandemic.

The ability to repatriate equity through this substantial supplemental loan represents one of the many benefits of Freddie Mac financing.

 Ariel Springs is currently 97.7% occupied and consists of 470 one-, two- and three-bedroom units. Since acquisition, Beachwold Residential has invested nearly $3 million in renovations to both the interior and exterior of the highly-amenitized property.

Jesse Wright

Community features include a clubhouse, community car wash, entertainment area with a full kitchen, modern fitness center, swimming pool, business center and shuffleboard and basketball courts.

 Ariel Spring is located at 3454 Suncoast Villa Way, in the quaint city of Spring Hill, and in close proximity to various neighborhood amenities, including local dining and shopping, and direct access to the 42-mile Suncoast Bike Trail.

 The JLL Capital Markets team representing Beachwold was led by Senior Managing Directors Elliott Throne and Mona Carlton, Director Jesse Wright and Associate Kenny Cutler.

 “One of the many great attributes of an agency loan is the borrower can garner additional proceeds after improving the property’s NOI,” stated Throne.

Kenny Cutler

“Beachwold’s immense success at this asset has enabled them to pull out a significant amount of their equity thru additional financing from Freddie Mac at an interest rate very close to what they have on the original senior loan.”

 According to JLL’s latest United States Multi-Housing Outlook, the Tampa Bay multi-housing market held steady throughout 2020 and heading into 2021.

Occupancies remained at or above 95% over the past five years and overall remaining resilient amid the COVID-19 pandemic.

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   CONTACT:

 Natalie Passarelli

JLL Senior Associate

 Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

Beachwold.com.