Insula Companies Secures $26M to Refi Sarasota, Lakeland Multifamilies
Sarasota, FL-based Insula Companies has secured $26 million in refinancing for multifamily properties Gables at Honore in Sarasota and Lodge at Woodlake in Lakeland.
Mitch Sinberg and Matt Robbins of Berkadia secured the financing for both properties on behalf Insula Companies, a boutique real estate investment company. A bank provided the $8.15 million, five-year, fixed-rate loan with three years of interest only for Gables at Honore, and Freddie Mac provided the $18 million, seven-year, fixed-rate loan, with five years of interest only for Lodge at Woodlake.
The 54-unit Gables at Honore was built in 1993 and includes pool with hammocks, grill and picnic area, clubhouse, business center, on-site maintenance and an outdoor activity area.
The 188-unit Lodge at Woodlake was in 1975 and sits at 1475 Woodlake Drive. It offers resort-style swimming pool, fitness studio, laundry center, playground, bark park and clubhouse.