Berkadia Arranges $20.3M Sale, Financing for Multifamily Property in Metro Tampa

LARGO, FLA. — Berkadia has arranged the $20.3 million sale of Columns at East Bay, a 196-unit multifamily community located at 3660 E. Bay Drive in Largo, roughly 20 miles west of Tampa. Jason Stanton, Cole Whitaker, Mary Beale and Greg Rainey of Berkadia marketed the property on behalf of the seller, ECI Group Inc. Berkadia’s Mitch Sinberg and Matthew Robbins secured a three-year, $17.8 million loan with interest-only payments through Freddie Mac’s Value-Add and Green-Up programs on behalf of the buyer, Insula Capital. Constructed in 1986, Columns at East Bay consists of 15 two-story buildings that include one- and two-bedroom units. Amenities include a resort-style swimming pool, clubhouse, lighted tennis court, playground, outdoor entertainment area, grills, recreational room and a car care center. The property was 94.4 percent occupied as of February 2017.