Real estate capital firm Mark One Capital (MOC) has secured a $14 million acquisition loan for West River Flats, a 135-unit multifamily property in West Tampa.
Located at 1545 Spruce Terrace in the West Tampa submarket, the community predominantly houses students from the University of Tampa and USF’s College of Medicine as well as a mixture of working professionals with jobs based in the surrounding major job markets. Built in 1962, the fully renovated community features a unit mix of one-, two- and three-bedroom units. Amenities include a swimming pool, fenced dog park and large courtyards.
Mark One Capital secured the senior debt on behalf of the undisclosed borrower. In addition, the team structured preferred equity as a compliment to the entire capital stack. Acquired by foreign sponsorship, the loan was structured with a 65% loan-to-value, 30-year amortization schedule, and non-recourse financing.
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.
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