Orlando, Tampa Multifamilies Recapped for $86M and Targeted for ESG Retrofit
Boston, MA-based Taurus Investment Holdings and Aegon Asset Management have completed the recapitalization of two multifamily properties — Lofton Place Apartments in Tampa, FL and Rosemont at Windermere in Orlando, FL ‑ through their recently established, $600 million ESG-centric decarbonization venture.
Mitch Sinberg, Matt Robbins, Brad Williamson, Scott Wadler and Hugo Hernandez of Berkadia secured the financing for both properties. A bank provided the $49.2 million, full-term, three-year loan with interest only and an aggressive floating interest rate for Rosemont Windermere, and Freddie Mac provided the $36.5 million, 10-year term loan, with five years of interest only and a floating interest rate for the Lofton Place Apartments.
Taurus affiliate RENU Communities will evaluate and apply its tailored retrofit program aiming to significantly reduce the environmental impact of the properties, and transition the assets to low-carbon, energy efficient buildings.
“Residential and commercial properties in the US contribute over 30% of greenhouse gas emissions annually,” said Peter Merrigan, CEO of Taurus. “Yet, with that challenge, we recognize an opportunity to improve value for our clients, while creating sustainable assets that are both healthier for the environment and resilient against the energy cost volatility.”
Photo: Rosemont at Windermere