Enclave at Sabal Pointe Apartments
|Deal Type||Freddie Mac|
Saint Petersburg, FL
KeyBank Real Estate Capital originated a $17 million loan to finance the purchase of 131 units that are part of the Enclave at Sabal Pointe Apartments, a fractured condominium complex in Saint Petersburg, FL. The units were sold for approximately $8.8 million or $66,972 per unit. The Enclave is comprised of 240 condominium units. The 14-acre property, built in 1973, includes 25 apartment buildings, a clubhouse with a leasing office and exercise room, and two outdoor swimming pools.
The borrower, New York-based Axonic Properties LLC, plans significant capital improvements. Funds have been allocated to renovate interior units and improve and expand the clubhouse. The two-year bridge loan was priced at 230 basis points floating over 30-day LIBOR.
Alan Isenstadt, a Senior Vice President with KeyBank Real Estate Capital’s Income Property Group, arranged the financing.
“KeyBank helped us structure a loan that fit our specific business plan,” said Jonathan Shechtman, managing principal of Axonic Properties LLC.
“We’re excited to have provided a unique financing solution for Axonic Properties,” Isenstadt said. “Enclave at Sabal Pointe Apartments is well positioned in St. Petersburg to capitalize on the market, which continues to show strong demand drivers for quality rental housing in the area.”