Berkadia Secures $20.6M Loan for Condo Hotel-to-Apartment Conversion on Florida’s West Coast

May 26, 2021

Berkadia Secures $20.6M Loan for Condo Hotel-to-Apartment Conversion on Florida’s West Coast

May 26, 2021
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Tampa, Fla. (May 25, 2021) – Berkadia announces it has arranged $20.6 million in financing for the acquisition of 155 out of 158 units at Harborside Suites at Little Harbor, a waterfront hotel-condominium property located in Ruskin, Florida, approximately 30 minutes south of Tampa. Managing Director Christopher Apone and Senior Managing Director Charles Foschini of Berkadia Miami secured the financing on behalf of ESG Kullen, which plans to convert the property into a multifamily apartment community.

The lender, Granite Point Mortgage Trust, provided a three-year, floating-rate loan with two 12-month extension options at a 74% loan to cost.

“The borrower identified a prime opportunity to convert a well-maintained waterfront condo hotel asset into apartments with a variety of outdoor amenities that appeal to renters seeking a waterfront community lifestyle,” said Apone. “The continued strong demand for rental housing further supports the borrower’s value add business plan in bringing additional high-quality units online to a growing area with limited supply and new construction.”

Built in 2007, Harborside Suites is located at 536 Bahia Beach Boulevard on 3.29 acres that includes 650 feet of marina frontage, a parking lot parcel and 227 covered and uncovered parking spaces. The property consists of three mid-rise buildings featuring a mix of 54 studios, 66 one-bedroom units, 22 two-bedroom units and 14 three-bedroom units. The community offers access to a half mile private beach, a fully operational marina, a 250-foot fishing pier, three heated outdoor pools, an outdoor fireplace, full-service fitness center, tennis and volleyball courts, and an outdoor hot tub.

The property is located directly on Tampa Bay, within walking distance to a variety of restaurants, marinas, and natural areas and aquatic nature preserves. The property is about 30 minutes north of Bradenton and 30 minutes south of Tampa.

Waterfront Hillsborough hotel to be converted to apartments | Tampa Bay Times