Tampa, Fla. (January 4, 2020) – Berkadia announces it has arranged a loan for the acquisition of Bainbridge Ybor City, a 240-unit luxury apartment community in the Ybor City National Landmark Historic District of Tampa, Fla. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s South Florida mortgage banking team secured a $41.37 million loan on behalf the sponsor, GMF Capital.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with five years of interest only.
Jared Frydman, Managing Director of Acquisitions with GMF Capital, noted, “This property fits well with our long-term objective of building a portfolio comprising high-quality assets in growth markets with attractive economic and demographic fundamentals. Our team was equally impressed with the quality of Berkadia’s overall execution of this assignment, and we have a great deal of confidence in this team’s ability to help us achieve our long-term business goals.”
Developed in 2017 by Bainbridge Companies, the property is located at 1512 East 12th Avenue in Ybor City, the only neighborhood on Florida’s west coast to be designated a National Historic Landmark District. The property features studio, one- and two-bedroom floor plans with designer touches including hardwood-style flooring; chef-inspired kitchens with large center islands, stainless steel appliances and quartz countertops; in-suite washer & dryer; patio or balcony; oversized walk-in closets; and built-in storage.
Community amenities include a South Beach-style pool and sundeck, 24-hour fitness center, yoga studio and personal training room, clubroom with arcade and catering kitchen, elevator access and secure parking garage, and opulent greenways.
Located within a few steps of the many eclectic bars, restaurants, coffee shops and entertainment venues located along 7th Avenue, the property offers residents a highly walkable, dynamic live-work-play environment, with immediate access to I-4 just 10 minutes from downtown Tampa.