Boston-based real estate private equity firm Taurus Investment Holdings has locked up $33.5 million in acquisition financing for a North Tampa apartment complex. Lofton Place features 280 units with between one and three bedrooms. Built in 1988, the property is less than 20 minutes from Tampa International Airport, and 10 minutes from downtown Tampa. Berkadia originated the funding through Freddie Mac with a 10-year, floating rate Green Up loan with 5 years interest only. Providence Management Company sold the property.
“Ranked within the top five places to start a business in the U.S. and contributing to Florida’s low unemployment rate that’s below the national average, Tampa’s market continues to illustrate favorable multifamily fundamentals for investment,” said Senior Managing Director Mitch Sinberg. “As supply and demand of apartment units reaches equilibrium, the opportunity for rent growth remains as in-migration flows continue throughout the metro area.”
