Blue Rock Partners secured a $56.5 million loan from Grandbridge Real Estate Capital for the $70 million acquisition of the former River Chase, a 78-building, 776-unit apartment complex in Tampa, Florida.
Grandbridge provided a seven-year Freddie Mac loan to the value-add developer, which plans to inject roughly $7 million in improvements and upgrades into the property, built in 1988, and re-brand and market it as The Park at Valenza.
Charlotte, North Carolina-based Grandbridge is a Fannie Mae DUS (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus Seller/Servicer and also a participant in FHA-insured loan products as a MAP-approved multifamily lender and a LEAN-approved healthcare lender.
The lender has worked with Blue Rock before, in one instance providing financing to a joint venture between the Tampa-based developer and Goff Capital Partners early last year for the purchase of Cameron Lakes Apartments, a 207-unit community in Clearwater, Florida.
The 690,312 sq ft apartment community at 6900 Aruba Avenue consists of one-, two- and three-bedroom units on 72 acres of land. It had a 97 percent occupancy as of closing.
The improvements will include a new gated entry, clubhouse, fitness center and coffee shop, in addition to unit upgrades with new wood flooring, cabinets, counters and appliances.
“The property represents an outstanding value-add opportunity in one of greater Tampa’s fastest growing areas,” said Randy Ferreira, principal and owner of Blue Rock, in a statement.
The developer has amassed a 9,000-unit portfolio in Tampa Bay, Lakeland, Orlando, Fort Myers and Jacksonville, with 3,500 of those in the firm’s Tampa Bay home base.
Grandbridge arranges permanent commercial and multifamily real estate loans, services loan portfolios and provides asset/portfolio management and real estate brokerage services. The company has a current servicing portfolio of more than $25.3 billion, representing approximately 100 capital providers.