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Ease Capital Provides $45.5M Refi for Tampa Apartment Investors
Ease Capital arranged a $45.5 million refinancing for Boardwalk Holdings, the owner of the Reserve at Temple Terrace in Temple Terrace, Florida. The 290-unit rental community previously operated as student housing for the University of South Florida, near Tampa.
The loan is a floating-rate financing meant for the lease-up and stabilization of the 10-building project. Structured to return capital to the investor, the terms of the loan are two years plus two one-year extensions, interest only, and non-recourse.
The Reserve at Temple Terrace offers 500-square-foot, one-bedroom units for $1,399 and 987-square-foot, two-bedroom units for $1,799. Both offer either a patio or balcony. Amenities include a clubhouse, fitness center, pool with hot tub, and barbecue.
Ease offers fixed and transitional financing options for needs between $5 and $50 million.
