SPRING HILL, FLA. — JLL Capital Markets has secured a $15.9 million Freddie Mac loan for Ariel Springs, a garden-style multifamily property located at 3454 Suncoast Villa Way in Spring Hill, about 50 miles north of downtown Tampa. The apartment complex is currently 97.7 percent occupied and includes 470 one-, two- and three-bedroom units.
Elliott Throne, Mona Carlton, Jesse Wright and Kenny Cutler of JLL arranged the fixed-rate financing on behalf of the borrower, Beachwold Residential, which acquired the property in December 2018 using $44 million in acquisition financing, also through Freddie Mac. The financing is the first supplemental loan on the property. Since acquiring the property, Beachwold Residential has invested about $3 million in renovations to both the interior and exterior of the property.
Ariel Springs’ community amenities include a clubhouse, community car wash, entertainment area with a full kitchen, fitness center, swimming pool, business center, shuffleboard and basketball courts and direct access to the 42-mile Suncoast Bike Trail.