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PGIM Real Estate Provides $91M Acquisition Loan For Multifamily Assets In Tampa And Clearwater

Property Image
FINANCED
$91,000,000
Justin Ownby
Brad Williamson
Mitch Sinberg
+ 1

Florida

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MultiFamily1,671 SF
Financed 09/15/2021
the dealplayerscompscontact
Property Image
FINANCED

PGIM Real Estate Provides $91M Acquisition Loan For Multifamily Assets In Tampa And Clearwater

15350 Amberly Drive, Tampa, FL, USA

See Similar Deals
MultiFamily1,671 SF
Financed 09/15/2021
Justin Ownby
Brad Williamson
Mitch Sinberg
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$54,458
Total Square Footage:1,671 SF
Transaction Type:Loan

29th Street Capital has acquired a multifamily property consisting of 503 units located at 15350 Amberly Drive in Tampa and 2690 Enterprise Rd East in Clearwater. The acquisition was made with the help of a $91,000,000 loan provided by PGIM Real Estate.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $91,000,000
  • Units: 503
  • Address: 15350 Amberly Drive (Tampa) & 2690 Enterprise Rd East (Clearwater)
  • Market: Tampa & Clearwater

The deal was facilitated by Mitch Sinberg, Brad Williamson, Justin Ownby, and Wesley Moczul from Berkadia, who represented the buyer in the transaction.

Players

Brad Williamson
Berkadia
Brad Williamson
107 deals$6.8B volume(786) 646-2580
BROKER
Justin Ownby
Berkadia
Justin Ownby
3 deals$123.7M volume
BROKER
Mitch Sinberg
Berkadia
Mitch Sinberg
131 deals$8.3B volume(561) 609-4006
BROKER
Wesley Moczul
Berkadia
Wesley Moczul
20 deals$905.2M volume
BROKER
PGIM
PGIM
LENDER
29th Street Capital
29th Street Capital
LANDLORD

Details

FINANCED
IMAGE: Wesley Moczul, Mitch Sinberg, Brad Williamson & Justin Ownby DATE: 09/15/2021 ADDRESS: 15350 Amberly Drive & 2690 Enterprise Rd East MARKET: Tampa & Clearwater ASSET TYPE: Multifamily ~ UNITS: 503 LENDER: PGIM Real Estate LANDLORD: 29th Street Capital BROKERS: Mitch Sinberg, Brad Williamson, Justin Ownby & Wesley Moczul - Berkadia LOAN AMOUNT: $91,000,000 LOAN TYPE: Acquisition

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$91,000,000.00

Monthly NOI$606,666.67
Monthly Debt Service$575,181.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00