Firm refinances Tampa, Winter Haven properties for $107M

The owner of three Central Florida apartment communities, including one in Tampa and one in Polk County, has secured a $107.3 million refinance package.

Tampa-based Robbins Property Associates took out the 10-year loans on each through Freddie Mac. Berkadia, which announced the package, originated the transaction.

In a statement, Bernardo Tannenbaum, Robbins’ associate director of finance, says the refinancing allows the company to “position these properties for continued performance.”

The Tampa community is Legend Oaks at 4714 N. Habana Ave. The 416-unit complex was built in 1986 and features one- and two-bedroom apartments. Freddie Mac provided a $54.56 million loan with eight years interest-only, a 35-year amortization period and 70% loan-to-value, according to Berkadia.

Robbins paid $16.3 million for Legend Oaks in 2009, according to Hillsborough County property records.

The Polk County property is Briarcrest at Winter Haven at 200 Ave. K SE. The 460-unit Winter Haven community was built in 1973 and features one-, two- and three-bedroom apartments. Freddie Mac provided a $48.27 million loan with eight years interest-only, a 35-year amortization period and 70% loan-to-value, according to Berkadia.

Robbins paid $12.15 million for it in 2011 according to Polk County property records.

The third complex is the Windward Apartments in Orlando. Freddie Mac provided a $4.48 million loan with full-term interest-only, a 30-year amortization period and 65% loan-to-value on that property.

Robbins was founded in 2009 to buy and manage distressed multifamily properties in Central Florida. Today, it operates 21 communities totaling over 5,000 units in the state. That includes five in Tampa, two in Pinellas County’s Pasadena, two in Winter Haven and one in Brandon.

Berkadia’s Mitch Sinberg, Scott Wadler, Brad Williamson and Hugo Hernandez arranged the financing.