Cushman & Wakefield announced today that its Equity, Debt & Structured Finance Group has arranged a $9.2-million loan on behalf of buyer Beachwold Residential for the acquisition of Sweetwater Apartment Homes in Dade City, Fla. Built in 2006, the 172-unit apartment community totals 201,804 square feet.
Mike Ryan, Will Killgore and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged acquisition financing on behalf of Beachwold Residential. Byron Moger and Luis Elorza of Cushman & Wakefield’s Tampa office represented the seller, Wells Fargo. The loan was provided by Goldman Sachs. The apartment community is currently 96 percent leased.
“This was an excellent opportunity for the buyer to purchase a high-quality, well-located asset to generate excellent long-term revenues,” Mike Ryan said.
Located 35 miles north of Tampa, Sweetwater Apartment Homes is near Interstate 75, Saint Leo University, and Lake Jovita Golf and Country Club. The property’s amenities include a swimming pool, tanning lounge, fitness center, Tiki Hut grill station, business center and playground.
New York-based Beachwold Residential owns 40 properties and more than 10,000 multifamily units in Connecticut, Texas, Florida, Louisiana, New Jersey, Maryland, Tennessee and Virginia.
Steve Webb – The Gove Network
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