Tampa apartment complex obtains nearly $80M refinancing loan

Bellwether Enterprise, a national commercial mortgage banking company, announced it handled a $78.6 million refinancing loan on the Mav, a mid-rise apartment complex in Tampa owned by Daniel Corp. 

The loan was negotiated on behalf of the borrower using Fannie Mae’s Near-Stabilization Execution. This type of financing is specifically for newly constructed multifamily apartment communities expected to achieve stabilized occupancy, according to a statement. The Mav, which began construction in 2020 and welcomed residents in 2023, is 90% occupied. 

“As the Mav’s construction loan matured, it was critical for the borrowers to secure financing that would allow them to finalize lease-up toward full stabilization. Fannie Mae’s Near-Stabilization Execution proved to be the perfect execution for what they were seeking, and this loan will give the sponsorship the capital structure they need to ensure the Mav can stabilize operationally while hedging interest rate volatility,” says executive vice president Alan Tapie, who led the project, in a statement.