Gainesville, Fla., June 20, 2018 – Franklin Street has arranged a $9 million loan for the refinancing of Addison Lane Apartments, a 316-unit multifamily apartment property located in Gainesville, the largest city in North Central Florida’s 14-county region. Casey Siggins and Ben Miller of Franklin Street’s Capital Advisors division secured the loan on behalf of the buyer, Florida Homes 7, LCC. The seven-year loan, arranged through a partnership with National Bank, has a fixed rate of 4.45 percent. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.

“We were very pleased to get this borrower-friendly loan closed for our clients as it hit all their major hot-button issues,” said Siggins, director of loan origination for Franklin Street’s Tampa office. “The refinancing will allow them to fully reposition and stabilize this multifamily property while on a perm-debt type of loan. This loan closing shows that bank financing is still a viable alternative to Fannie Mae and Freddie Mac lending for certain borrowers.”

Built in 1977, Addison Lane Apartments is centrally located at 4117 SW 20th Avenue in Gainesville, home to one of the largest U.S. colleges, the University of Florida, with has an enrollment of more than 55,000 students. The property is located within minutes of Butler Plaza, a 1.95-million-square-foot retail shopping center.

BARTOW, Fla., May 17, 2018 – Franklin Street has arranged a $13.875 million Fannie Mae loan for the acquisition financing of Villages at Laurel Meadows, a 156-unit multifamily apartment property located midway between Tampa and Orlando in Bartow, Florida. Casey Siggins and Ben Miller of Franklin Street’s Capital Advisors division secured the loan on behalf of the buyer, VLM Investors, LLC. The 10-year loan has a fixed rate of sub-4.75 percent and features a 30-year amortization schedule following a significant interest-only period. Franklin Street’s Lonnie Kitchen provided insurance services and the buyer selected Franklin Street Management Services to manage the asset.

“This long-term, fixed-rate loan will allow the borrowers the ability to maximize cash-flows and the value of the property,” said Siggins, director of loan origination for Franklin Street’s Tampa office. “It was an extremely competitive bidding process, and at the end of the day, I believe we found the right loan structure to fit the borrower’s strategy for this asset.”

Built in 2008, Villages at Laurel Meadows is centrally located at 100 Laurel Meadows Drive on the corner of CR 555 and W. Clower Street in Bartow. All the units are two-bedroom townhome-style apartments.