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Florida & Gulf Coast  + Finance  |  September 17, 2020
David Cohen
By: David Cohen

Westside Capital Group Secures $25M Recapitalization of Tampa Apartments

Real estate investment holding firm Westside Capital Group has closed on a $25 million loan to recapitalize Buena Vista, a 240-unit garden-style apartment community in the Wellswood neighborhood of Tampa.

Built in 1985, the apartment community consists of 10 buildings, each containing 24 units on a five-acre site. The property offers a mix of studio, one-bedroom and two-bedroom floor plans. Community amenities include a clubhouse, covered parking, fitness center and swimming pool. Westside acquired Buena Vista in 2018 for $21.25 million and has since made a multimillion-dollar cap-ex investment in the property.

Charles Foschini of Berkadia’s Miami office arranged the $25 million, 12-year loan from Fannie Mae. It is the fourth time this year that Berkadia has secured Fannie Mae financing for Westside-owned properties, most recently arranging a $7.5 million loan to refinance Lakeshore Club, a mid-rise, 50-unit multifamily property Winter Haven.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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