Excerpted from Multi-Housing News story.
Trinity Property Group has acquired Villages at Laurel Meadows, a 156-unit community in Central Florida‘s city of Bartow. The property was purchased from Berkshire Investors Group for $18.5 million. Franklin Street’s Capital Advisors division arranged a $13.9 million acquisition loan on behalf of the buyer. The 10-year Fannie Mae loan has a fixed rate of sub-4.8 percent and includes a 30-year amortization after an interest-only period. Franklin Management Services was appointed to manage the property.
Located at 100 Laurel Meadows Drive, the property is at the corner of CR 555 and West Clover Street, near the intersection of freeways 98, 60 and 17, roughly 48 miles from Tampa. Villages at Laurel Meadows was constructed in 2008 and offers two-bedroom townhome-style units, averaging 1,377 square feet. Communal area amenities include:
basketball courts
clubhouse
controlled access
fitness center
on-site maintenance
on-site management
playground
pool
dog park
car care center
“This long-term, fixed-rate loan will allow the borrowers the ability to maximize cash-flows and the value of the property,” said Casey Siggins, director of loan origination at Franklin Street, in prepared remarks. “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.”
For full story, visit https://www.multihousingnews.com/post/trinity-property-acquires-19m-fl-community/
