VLM Investors has secured a $13.875m Fannie Mae loan to acquire Villages at Laurel Meadows. The a 156-unit multifamily apartment property is located midway between Tampa and Orlando in Bartow, Florida. Built in 2008, the property is made up of two-bedroom townhome-style apartments. Franklin Street’s capital advisors division secured the loan on behalf of the buyer. 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.
“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 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.”