News Summary
Robbins Property Associates and Hartford Investment Management Company have successfully refinanced the Lakeside Central apartment complex in Brandon, Florida with a $32.41 million loan through Freddie Mac. This five-year fixed-rate loan underscores the rising demand for rental properties in the area, spurred by the local economy. The complex, built in 1985, comprises 228 units and offers a range of modern amenities. This refinancing further solidifies the financial stability of Lakeside Central, ensuring continued improvements to attract prospective renters.
Brandon, Florida – A significant financial move has taken place surrounding the Lakeside Central apartment complex, as owners Robbins Property Associates and Hartford Investment Management Company have successfully refinanced the property with a loan of $32.41 million. The refinancing was completed through Freddie Mac, a government-backed entity, ensuring a secure financing arrangement for the 228-unit complex.
The refinancing agreement features a five-year fixed-rate loan with a loan-to-value ratio of 70%. This strategic decision comes as the property experiences increasing demand in the condominium market, supported by the area’s thriving economy. Berkadia, a prominent firm in the commercial real estate sector, was essential in facilitating this financing process, having also arranged the property’s acquisition financing in 2018 when it was purchased for $30 million.
Lakeside Central, located at 529 S. Parsons Ave, was constructed in 1985 and offers a range of one- and two-bedroom apartment units varying in size from 600 to 900 square feet. The community boasts numerous modern amenities designed to enhance the living experience, including a newly renovated clubhouse, a 24-hour fitness center with cross-training facilities, a resort-style pool with summer kitchen areas, an updated bark park and pet spa, and a car care center along with around-the-clock maintenance service. Residents can enjoy picturesque views of a scenic lake with fountains and a gazebo.
The apartment units within Lakeside Central boast high-quality interiors featuring gourmet kitchens, designer cabinetry, and wood-style plank flooring, all while providing ample storage options. The increasing interest in rental properties within Tampa’s suburbs is attributed to economic growth and rising rental demand, partially driven by the current high-interest rate environment.
Berkadia has established itself as a leader in the commercial real estate industry, offering comprehensive services in mortgage banking, investment sales, and asset management. Key executives at Berkadia who played vital roles in securing this loan include Mitch Sinberg, Scott Wadler, Brad Williamson, and Hugo Hernandez. Their expertise and efforts have facilitated both the acquisition and the refinancing of Lakeside Central, showcasing the firm’s commitment to supporting real estate projects that cater to the growing housing demand.
The refinancing of Lakeside Central not only solidifies the financial standing of the property owners but also supports the overall improvement and maintenance of the complex, ensuring it remains an attractive option for prospective renters. As economic conditions continue to fluctuate, developments like this highlight the evolving landscape of housing in suburban markets like Brandon, where the demand for quality accommodation continues to rise.
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Additional Resources
- Yield Pro: Lakeside Central
- Wikipedia: Apartment
- Commercial Observer: Colorado Springs Apartments
- Google Search: Apartment financing
- NY Times: Apartment Multifamily Loans Trouble
- Google Scholar: Apartment investment
- Mortgage Professional America: Apartment Investments Heading for Trouble
- Encyclopedia Britannica: Commercial real estate
- JLL: Refinancing Secured for Downtown San Jose High-Rise
- Google News: Real estate financing
Author: STAFF HERE TAMPA WRITER
The TAMPA STAFF WRITER represents the experienced team at HERETampa.com, your go-to source for actionable local news and information in Tampa, Hillsborough County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Gasparilla Pirate Festival, Florida State Fair, and Tampa Riverfest. Our coverage extends to key organizations like the Tampa Bay Chamber of Commerce and United Way Suncoast, plus leading businesses in healthcare, finance, and technology that power the local economy such as BayCare Health System, Grow Financial Federal Credit Union, and KnowBe4. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERESTPetersburg.com, and HERETallahassee.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
