Florida-based Robbins Property Associates has closed a $107.3 million refinancing package for three multifamily assets across Central Florida. Arranged by Berkadia and purchased by Freddie Mac, the 10-year, fixed-rate loans feature interest-only periods and long amortization schedules, reinforcing investor confidence in the region’s rental market.
Key Takeaways
- Robbins Property Associates refinanced three properties in Winter Haven, Tampa and Orlando.
- Berkadia arranged the $107.3 million loan; Freddie Mac purchased all three 10-year, fixed-rate notes.
- Interest-only periods range from eight years to the full loan term, with amortization up to 35 years.
Major Refinancing Terms
Berkadia’s Boca Raton and Miami teams—Mitch Sinberg, Scott Wadler, Brad Williamson and Hugo Hernandez—arranged the financing. Freddie Mac purchased all three notes, each structured as a 10-year, fixed-rate loan:
- Loan Amount: $107.3 million total
- Loan Terms: 10-year fixed rate
- Interest-Only Periods:
- Eight years for Briarcrest and Legend Oaks
- Full 10 years for Windward Apartments
- Amortization:
- 35 years for Briarcrest and Legend Oaks
- 30 years for Windward Apartments
- Loan-to-Value Ratios:
- 70% for Briarcrest and Legend Oaks
- 65% for Windward Apartments
Portfolio Properties
| Property | Location | Year Built | Units | Loan Amount | IO Period | Amortization | LTV |
|---|---|---|---|---|---|---|---|
| Briarcrest at Winter Haven | Winter Haven | 1973 | 460 | $48.3 million | 8 years | 35 years | 70% |
| Legend Oaks | Tampa | 1983 | 416 | $54.6 million | 8 years | 35 years | 70% |
| Windward Apartments | Orlando | 1973 | 68 | $4.485 million | 10 years (full term) | 30 years | 65% |
Market Implications
Central Florida’s multifamily sector has remained resilient amid economic fluctuations, driven by strong rental demand and limited new supply. The newly secured financing:
- Enhances cash flow flexibility with extended interest-only periods.
- Locks in historically low fixed rates for a decade.
- Signals lender confidence in the stability of established suburban rental communities.
As investors continue to target stable, income-producing housing assets, similar refinancings are likely to follow, supporting ongoing growth in Central Florida’s rental market.
Sources
- Florida Investor Inks Refis for 3 Rental Assets, Connect CRE.