The 264-unit Grand Pavilion sold for $32.77 million to Praxis Capital
Tampa, Fla. (November 2, 2020) – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.
The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.
###
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
