
Transcontinental, Abode Refi New Port Richey MF
Transcontinental Realty Investors Inc., Southern Properties Capital and Abode Properties completed the refinancing of Sawgrass Creek apartments in New Port Richey, FL. The community north of St. Petersburg blends nature, beaches, shopping, restaurants, and culture with a small-town feel.
Berkeley Point Capital LLC, now NKF, originated the loan that is insured by Freddie Mac. Due to mature in June, the new loan is for seven years and the LIBOR offered rate reduced from + 3% down to + 2.31%.
Sawgrass Creek Phase II is more than 96% leased and is located at 8800 Lazy River Loop. The property offers modern amenities such as a resort-style pool and clubhouse, state of the art fitness center, walking paths with tot lot, bocce ball court, and a fire pit with benches. The property also offers 66 personal garages, rentable storage units, and covered bike storage.
Transcontinental’s Daniel Moos says, “We are very pleased to have achieved this closing, given the current pandemic and stay-at-home mandates. This achievement further demonstrates the strength of our portfolio and expertise of our team of professionals.”
For comments, questions or concerns, please contact Dennis Kaiser