Tampa, Fla.—Franklin Street Capital Advisors recently closed a $20 million loan for a student housing property in Tampa.
Located at 13016 Leeds Ct, Campus Palms Apartments is a 570-bed student housing community with one-, two- and three-bedroom floorplans. The property is situated in close proximity to the University of South Florida, which serves nearly 48,000 students.
Community amenities at Campus Palms Apartments include 24-hour security guard, pet friendly policy, free internet and TV, fitness center, clubhouse, volleyball and basketball court, study area and computer lab.
“Rates for strong borrowers have started to increase, even for well-stabilized assets, due to improved market conditions and the Fed increasing interest rates,” said Casey Siggins, director & loan originator at FSCA in a prepared statement.
Ben Miller and Siggins secured the loan on behalf of a Miami-based multifamily investor. The 10-year refinance loan includes a 4.85 percent fixed rate with a 30-year amortization. The non-recourse loan, which provides the borrower a significant amount of cash-out equity, will be used to pay off the current debt on other properties in his portfolio and provide him the liquidity needed to aggressively look at more multifamily opportunities in the market.