FMV Capital incurred $ 53 million in debt to acquire a multi-family property in a planned community just outside of Tampa, Florida, Commercial Observer can first report.
Sound Point capital management provided the three-year variable rate loan to help finance GMF Capital’s acquisition of FishHawk Ranch, a 260-unit garden-style apartment complex in Lithia, Florida. GMF Capital bought the property from National Interior Development Corporation for $ 66.3 million.
“The Sound Point team was delighted to have closed on a quality asset with an A + sponsor and a brokerage team” Matthieu donnelly, head of CRE Originations at Sound Point, told CO. “Engaging people in the Florida market and limited quality rental options was a top investment thesis for us, lending on property. “
JLL Capital Markets arranged the financing with the team of debt counselors at Elliott’s Throne, a senior general manager, Brian Gaswirth, a general manager, Jesse wright, director and Kenny Coutelier, a partner, representing the borrower.
“GMF Capital continues to impress with its ability to identify multi-unit assets within incredibly high growth markets,” Gaswirth said in a statement. “Sound Point has been able to structure a creative debt solution that will give GMF the ability to maximize the return potential of the property. “
GMF Capital’s acquisitions team is led by Jared frydman and Alexandre ramírez. Jordan Heller is the spearhead of The Southeast Sound Point Creative Team. w.
Located at 13930 Spector Road, in the planned community of FishHawk Ranch, the property consists of studios and one, two and three bedroom units averaging 1,045 square feet. Community amenities include a fitness center, pool with cabanas, clubhouse, backyard, picnic area, business center, bicycle storage, and conference rooms.
GMF Capital officials did not immediately respond to the comments.
Andrew Coen can be contacted at [email protected]