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Berkadia Arranges Acquisition Financing for Fractured Condos in Tampa
Berkadia arranged acquisition financing for 312 of 390 condominiums at the Arbors at Carrollwood in Tampa. Mitch Sinberg, Matt Robbins and Wes Moczul of Berkadia’s Boca Raton office secured the loan on behalf of the buyer, a joint venture between Robbins Property Associates and LEM Capital. The sales price was reported by various media outlets as $52.5 million.
Located at 3939 Ehrlich Road, the property was built in 1999 and is comprised of 15, three-story buildings spread across 56 acres of land. Amenities include a clubhouse, cyber café, a 2,100-square-foot fitness center, zero entry pool and waterfall hot tub, as well as a car care center, dog park, boat parking and lighted tennis courts.
The non-recourse loan was provided by a life company with a five-year term. The loan financed the acquisition, along with future advances to finance the buyback of additional condo units and fund capital improvements.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
