Berkadia Arranges $27.1M Loan for Apartment Community in Florida

SOUTH PASADENA, FLA. — Berkadia has arranged a $27.1 million loan for Waters Pointe Apartments, a multifamily community located at 1885 Shore Drive S. in South Pasadena, roughly 30 miles southwest of Tampa. The property was more than 97 percent occupied at the time of financing. Waters Pointe’s amenities include an Internet café, Olympic-sized swimming pool, fitness center, fishing pier, lounge area and a covered veranda. Mitch Sinberg and Michael Wallace of Berkadia’s South Florida office closed the 10-year, floating-rate loan through Freddie Mac on behalf of the borrower, Robbins Property Associates. Robbins will use the loan to refinance existing debt on the property and return equity to the sponsorship.