Franklin Street has arranged a $9 million loan for the refinancing of Addison Lane Apartments, a 316-unit multifamily apartment property located in Gainesville, the largest city in North Central Florida’s 14-county region. Casey Siggins and Ben Miller of Franklin Street’s Capital Advisors division secured the loan on behalf of the buyer, Florida Homes 7, LCC. The seven-year loan, arranged through a partnership with National Bank, has a fixed rate of 4.45 percent. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.
“We were very pleased to get this borrower-friendly loan closed for our clients as it hit all their major hot-button issues,” said Siggins, director of loan origination for Franklin Street’s Tampa office. “The refinancing will allow them to fully reposition and stabilize this multifamily property while on a perm-debt type of loan. This loan closing shows that bank financing is still a viable alternative to Fannie Mae and Freddie Mac lending for certain borrowers.”
Built in 1977, Addison Lane Apartments is centrally located at 4117 SW 20th Avenue in Gainesville, home to one of the largest U.S. colleges, the University of Florida, with has an enrollment of more than 55,000 students. The property is located within minutes of Butler Plaza, a 1.95-million-square-foot retail shopping center.
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.