Hunt Real Estate Capital announced that it provided a Freddie Mac loan in the amount of $10 million to finance the acquisition of a multifamily property located in Gulfport, Florida. The borrower is Seaside Villas Florida, LLC, a Delaware limited liability company, and the loan is a variable rate, seven-year structure.
Seaside Villas is a 121-unit, garden-style apartment complex situated in a premier location on Boca Ciega Bay, approximately 28 miles southwest of the Tampa Central Business District. The property is comprised of three, three-story apartment buildings located at 3201, 3205 and 3209 58th Street.
“Seaside Villas was built in 1964 but was significantly renovated in 2015 and is in very good physical condition, including all units,” noted Richard Olrich, Managing Director at Hunt Real Estate Capital. “The property is 100% occupied and is being acquired by a seasoned commercial real estate and multifamily investor. We were pleased to serve as the finance partner on this transaction.”
The property’s standout feature is its site location. It is bounded by a large age 55-restricted multifamily property on its north and west sides, the City of Gulfport recreational center and beach to the east, and the Boca Ciega Bay to the south. Property amenities include Bay-side hammocks, kayak storage, a fire pit and outdoor grill, as well as three pools. A dog park is located at the north end of the site, furthest from the Bay.
“The proximity of the Bay, along with the property’s full amenity package, truly enhances the competitiveness of Seaside Villas,” added Marc Suarez, Director in the Miami office of Hunt Real Estate Capital.
Marc was instrumental in providing local market expertise and guidance for the transaction. Krage Olrich, Director at Hunt Real Estate Capital, was also very involved in structuring and closing the Seaside Villas deal.