CBRE Secures $71.3M Acquisition Loan for Multifamily Property in Tampa Bay Area
CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio.
Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café.
Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.