Franklin Street has arranged a $13.875 million Fannie Mae loan for the acquisition financing of Villages at Laurel Meadows, a 156-unit multifamily apartment property located midway between Tampa and Orlando in Bartow, Florida. Casey Siggins and Ben Miller of Franklin Street’s Capital Advisors division secured the loan on behalf of the buyer, VLM Investors, LLC. The 10-year loan has a fixed rate of sub-4.75 percent and features a 30-year amortization schedule following a significant interest-only period. Franklin Street’s Lonnie Kitchen provided insurance services and the buyer selected Franklin Street Management Services to manage the asset.
“This long-term, fixed-rate loan will allow the borrowers the ability to maximize cash-flows and the value of the property,” said Siggins, director of loan origination for Franklin Street’s Tampa office. “It was an extremely competitive bidding process, and at the end of the day, I believe we found the right loan structure to fit the borrower’s strategy for this asset.”
Built in 2008, Villages at Laurel Meadows is centrally located at 100 Laurel Meadows Drive on the corner of CR 555 and W. Clower Street in Bartow. All the units are two-bedroom townhome-style apartments.
About Franklin Street
Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.