The Rosehill Group and its join venture partner GPC Truss. has secured a $23.7 million loan for the refinance of Isles of Gateway, a 212-unit multifamily community located in St. Petersburg, Florida. Berkadia’s South Florida Senior Managing Director Mitch Sinberg, Senior Director Brad Williamson and Associate Director Matthew Robbins arranged the financing from Freddie Mac through its Green Advantage program. The 10-year loan was structured with five years of interest-only payments, an 80 percent loan to value, and a 30-year amortization period. Built in 1987, Isles of Gateway is located at 10600 4th Street North in St. Petersburg, and features a 24-hour fitness center, resort-style pool and Jacuzzi along with two pet parks.
“We were able to arrange very compelling loan terms utilizing the Freddie Mac Green Up program,” said Brad Williamson, Berkadia. “Due to the vintage of the property, this asset was an ideal candidate for the Green Up program. It allowed us to both reduce the spread by approximately 25 basis points and create energy savings, which is great for the clients’ bottom line.”
