HFF secures $45.439 million financing for 540-unit apartment community in Tampa, Florida
ATLANTA, GA – March 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $45.439 million in acquisition financing for St. Croix, a 540-unit, garden-style apartment community in Tampa, Florida.
Working exclusively on behalf of The RADCO Companies, HFF placed the seven-year, floating-rate acquisition loan with Freddie Mac’s Green Advantage Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. This is RADCO’s 68th acquisition since 2011, its sixth community in Florida and its fifth community in Tampa.
The 540-unit, Class B property has been renamed Radius Tampa Palms. Built in two phases, the property is situated on 27 acres at 14501 Caribbean Breeze Drive just one mile north of the University of South Florida’s main Tampa campus, which is home to prestigious medical institutions such as the H. Lee Moffitt Cancer Center & Research Institute, Florida Hospital and the James A. Haley Veterans’ Hospital. Additionally, the property is near numerous business parks along the Interstate 75 corridor and entertainment and retail destinations, including Busch Gardens and University Mall. Radius Tampa Palms consists of 25 two- and three-story buildings with one- and two-bedroom units averaging 754 square feet. Community amenities include a fitness center, two pools, three lighted tennis courts, sand volleyball court, clubhouse, business center and dog park.
The HFF debt placement team representing the borrower was led by director Chip Sykes along with associate Ware Shipman, who provided analytical and transaction management support.
“We are extremely pleased to have had the opportunity to work with RADCO and Freddie Mac on this acquisition,” Sykes said. “The strong rent growth trends and supply/demand fundamentals in the submarket are highly conducive for another successful value-add execution by our friends at RADCO.”
About The RADCO Companies
RADCO’s mission is “Building Better Living.” Based in Atlanta, the national real estate acquisition and redevelopment company was founded in 1994. The firm has grown its multifamily portfolio to include approximately 18,000 units in Colorado, Florida, Georgia, Illinois, Indiana, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.