ST PETERSBURG, FL – TGM announced the mortgage refinancing for TGM Bay Isle, a 582-unit multifamily apartment community in St. Petersburg, Florida. TGM Bay Isle received Green Globes Certification enabling TGM to secure competitive borrowing terms from Fannie Mae as a result of the property’s green efficiency and sustainability. The refinancing opportunity was originated by Team Edelson at Walker & Dunlop.
TGM Bay Isle has a formidable competitive position in the diverse, growing, and strong Gateway submarket, one of the best and most desirable submarkets in the Tampa MSA, with simple commute to all the major employment centers in the MSA.
The Property, completed in two phases in 1998 and 2004, is comprised of twenty-two residential buildings on a 50-acre site. The unit mix consists of one-, two-, and three-bedroom apartment flats, as well as unusually spacious townhome units with direct access attached garages. TGM Bay Isle is at the epicenter of the metropolitan area’s 3 major employment centers, with quick access to the nearby Carillon Office Park and elsewhere in the Gateway submarket, as well as Westshore, downtown St. Petersburg, downtown Tampa, MacDill Air Force Base and Tampa International Airport.
The property also offers residents an appealing amenity package with three swimming pools, a heated spa, two state-of-the-art athletic clubs, two outdoor kitchens, a tennis/pickleball court, large dog park with agility course, pet spa, putting green, and a renovated clubhouse with a kitchen and pool table. TGM completed various renovation activities throughout its ownership, including apartment interior renovations and amenity upgrades. TGM also owns and manages a second apartment community in St. Petersburg, TGM Ibis Walk.
“The Tampa MSA is widely considered one of the most desirable and business-friendly regions in the country. Tampa’s ease of connectivity to other major metros and highly talented workforce have resulted in an established and growing economy supported by healthcare, financial services, military, tourism, manufacturing, and technology, to name a few. The region’s affordable cost of living (lowest of all major Florida markets), low tax environment with zero state income tax, brilliant year-round weather and quintessential waterfront locations are attracting people and businesses to the region at a blistering pace” said John Gochberg, Managing Principal, Chief Executive Officer, and President.

Powered by WPeMatico

RICHMOND, VA -Middleburg Communities announced it closed on an approximately 30-acre land parcel located at 15200 East West Road in Midlothian, Va., a suburb of Richmond. Middleburg plans to develop a Class A, build-to-rent community on the site, complete with cottages, duplexes and townhomes with private entrances and yards. The community, to be known as Hamlet Watkins Centre, will consist of 283 homes ranging in size from 788-1,800 square feet.
Hamlet Watkins Centre will offer a variety of one-, two-, and three-bedroom floorplans that meet the needs of single professionals and families alike who are seeking private, community living proximate to Richmond s major job centers and Chesterfield County s premier schools. The neighborhood-style community will feature a wide range of amenities and will include 111 cottages, 12 duplexes, and 37 townhome buildings with a mix of surface, detached garage, and attached garage parking. Construction is expected to commence in mid-2023, with units expected to start coming online in 2025.
We are thrilled to debut our dedicated build-to-rent, single-family community brand in our home state of Virginia, said Selim Tay-Agbozo, President of Middleburg Development. Richmond has seen a steady influx of both job and population growth in recent years, with a large number of families moving to Midlothian specifically to be near its best-in-state schools. We expect Hamlet Watkins Centre to appeal to these families as well as the many individuals in the area who want to live in a neighborhood setting that offers best-in-class amenities and minimal maintenance.
Robin Bettarel, Managing Director of Development for Middleburg s Mid-Atlantic Region, stated, We re bullish on the Richmond MSA as our research shows exceptional, sustained economic growth with superior demographics. Our build-for-rent product in Midlothian will provide residents with a community anchor in a highly convenient location near multiple economic and leisure demand generators.
Hamlet Watkins Centre will be located at the interchange of VA-288 and Midlothian Turnpike, providing simple access to the more than 515,000 jobs within 30 minutes of the community. The property is part of the Watkins Centre masterplan, which includes 169,000 square-feet of existing Class A office, with another 100,000 square feet of office slated for construction. It s also a small distance to Westchester Commons, a 128-acre mixed use development with over 650,000 square feet of existing retail.
Financing for Hamlet Watkins Centre was provided by EagleBank.

Powered by WPeMatico

OAKLAND PARK, FL – Walker & Dunlop announced that it arranged $51 million in construction financing for Sky Building located three miles north of Ft. Lauderdale’s central business district and within an Opportunity Zone. The exceptional mid-rise development is mixed-use in nature and will house 136 affordable and workforce units, connected by skybridge to the City of Oakland Park s new City Hall, alongside roughly 15,000 SF of ground floor retail.
Walker & Dunlop’s team included Jeremy Pino, Livingston Hessam, Carl Passmore, and Kyle Miller of Capital Markets group and FHA Financing experts David Weird and Keith Melton. Together they arranged a creative financing execution above 80% loan to cost (LTC), non-recourse through the capital stack, by leveraging relationships with senior construction lenders as well as debt and equity funds.
“It’s been a fantastic privilege to partner with Walker & Dunlop to design a transformative project that we hope will become a new civic, residential, and commercial center for the community,” said Nir Shoshani, principal of NRI Investments. “This project addresses much-needed affordable and workforce housing within South Florida and will be a staple in the community for years to come.”
NRI Investments, a well-established South Florida and veteran Miami real estate developer, is the sponsor. NRI has a signed development agreement, lease agreement, and buy & sale agreement for this 2.07- acre site with the City of Oakland Park.
The property is within a designated Economic Opportunity Zone census tract. Opportunity zones encourage long-term investments in designated low-income areas by offering incentives in the form of lower or deferred capital gains taxes.
“We were able to arrange the ideal financing solution by taking advantage of the opportunity zone benefits, which requires the developer to hold the asset for a minimum of ten years,” said Jeremy Pino, senior director of Capital Markets at Walker & Dunlop. “Our team was proud to partner with NRI and the City of Oakland Park to address the project’s feasibility. It was also vital to align interests through investing in the long-term growth of the local community and ensuring that the loan met Opportunity Zone requirements.”

Powered by WPeMatico