Robbins Property Associates Secures $107.3M Refinancing for Central Florida Portfolio
Robbins Property Associates has completed a $107.3 million refinancing package for a portfolio of three multifamily properties in Central Florida. Berkadia arranged the financing, with Mitch Sinberg, Scott Wadler, Brad Williamson, and Hugo Hernandez from the firm’s Boca Raton and Miami offices leading the transaction on behalf of Robbins.
The debt was originated by Berkadia and purchased by Freddie Mac. Each of the loans is structured as a 10-year, fixed-rate financing agreement.
The refinanced properties include:
– **Briarcrest at Winter Haven**: A 460-unit community built in 1973. Freddie Mac provided a $48.3 million loan featuring eight years of interest-only payments, a 35-year amortization schedule, and a 70% loan-to-value ratio.
– **Legend Oaks (Tampa)**: Located at 4714 N. Habana Avenue and built in 1983, this 416-unit property received a $54.6 million Freddie Mac loan. The terms include eight years of interest-only payments, a 35-year amortization period, and a 70% loan-to-value ratio.
– **Windward Apartments (Orlando)**: This 68-unit community, constructed in 1973 and located at 1746 Bowen Drive, secured a $4.485 million loan. The loan features full-term interest-only payments, a 30-year amortization period, and a 65% loan-to-value ratio.
The refinancing deal reflects continued confidence in the Central Florida multifamily market and highlights Berkadia’s strong presence in the region’s capital markets.
