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Investor Lands Financing for Tampa Student Housing
Commercial Street Partners has obtained financing for a recently completed 576-bed housing venture near the University of Tampa campus. The $97.4 million refinancing is for the project at 311 N. Newport Ave, which is a half-mile from the campus. Commercial Edge reports that MF1/Limekiln Real Estate Investment Management provided the three-year, floating-rate loan. The property is fully leased.
JLL Capital Markets’ Debt Advisory team represented the borrower in the deal. Lee Weaver and Melissa Marcolini Quinn led the group, along with Rob Rothaug and Jade Starkey.
Apella on Newport features a 150-unit mix of two-, three-, four-, and six-bedroom fully furnished apartments. Ninety out of 150 are bedroom/three-and-a-half-bath units measuring 1,330 square feet. The units rent for $6,600 a month.
The community amenities include a rooftop pool, fitness center, study lounges and secured garage parking. There is a game room with pool table, dog wash station, bike storage and EV charging stations.
- ◦Financing
