Bluerock Residential Growth REIT has received a $57.2 million loan to refinance Lansbrook Village apartments in the Tampa suburb of Palm Harbor. Fannie Mae provided a 10-year floating rate loan based on 1-month LIBOR plus 2.44 percent. The loan will feature a 48-month interest-only period followed by principal amortization for the remaining term. The new instrument will replace the existing senior loan of approximately $44.4 million and significantly reduce the interest rate, which was approximately 4.41 percent.
Bluerock Residential acquired Lansbrook Village in 2014 from Waterton Residential for $58.6 million or $103,340 per unit. The 603-unit community was built in 2004 on approximately 86 acres at 3751 Pine Ridge Blvd. The property consists of 91 units averaging 1,069 sqf in buildings of up to three storeys, Property amenities include fitness and business center, clubhouse, tennis and volleyball court, three swimming pools and a total of 1,510 parking spaces.
