Berkadia announced today it has arranged a $19.43 million loan for the acquisition of Buena Vista (formerly known as Moncler Buena Vista), a 240-unit garden-style apartment community in the Wellswood neighborhood of Tampa, Florida. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s South Florida office secured the loan on behalf of Westside Capital Group (“Westside”), a real estate investment holding firm based in Miami, which acquired the property for $21.25 million.
A commercial real estate lending subsidiary of a fintech bank provided the five-year, $19.43 million floating rate loan, at an 80 percent loan-to cost which is divided into an acquisition facility and a CapEx investment facility to upgrade the property.
“We are constantly sourcing innovative capital solutions for our clients,” explained Foschini. “This lender provided extremely attractive non-recourse terms that allowed for both the purchase and complete renovation of the property.”
He added, “The principals at Westside Capital Group have a keen eye for value-add real estate opportunities. We’ve been fortunate to work with the firm on all of its domestic acquisitions since its entry into the market approximately one year ago.”
“We’re excited to announce yet another addition to our multi-family program,” said Jakub Hejl, Westside’s Founding Partner. “Similar to our other multi-family acquisitions, this is a great value-add asset in a strong location with a diverse set of economic drivers and a high barrier to entry market. Westside will continue to leverage its local market expertise and deep industry relationships to identify attractive multifamily investments throughout Florida and throughout the U.S.”
Built in 1985, Buena Vista comprises 10 garden-style buildings on a five-acre site, each containing 24 units. The unit mix offers efficient studio, one-bedroom and two-bedroom floorplans, averaging 700 square feet. The property also features a clubhouse, covered parking, fitness center, swimming pool and other tenant amenities. Westside aims to update common areas and perform targeted interior unit upgrades. The property is conveniently located close to Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League (NFL).