Franklin Street Capital Advisors (FSCA) has closed a $17.5 million loan on behalf of a Tampa-based multifamily owner-manager. Ben Miller and Casey Siggins of FSCA secured the loan, which will give the borrower more liquidity and allow for continued improvements at the properties. The cash-out refinance loan includes a 3.6 percent fixed rate for five years with a 10-year term.
“This loan signifies the availability of attractive financing terms to owners of high-quality, well-managed multifamily assets in the Bay Area,” Siggins said. “The transaction process took less than 60 days from application to closing, which shows the continued attractiveness of the multifamily market to lenders. Attractive terms are still available, with interest rates as low as 4 percent for qualified borrowers.”
The properties in the owner’s portfolio include: the 32-unit Oakwood Trace in Brandon; the 75-unit 42nd Street Apartments in Tampa; the 120-unit Arbors at Belleair in Clearwater; and the 188-unit Pacifico Place in Orlando.
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