TruAmerica and Oaktree Capital Management have obtained a $255.3 million refinancing of apartment properties in Tampa and two in Orlando. A fourth development in the portfolio is in Scottsdale.
JLL worked on behalf of the borrowers in arranging the five-year, floating-rate loan through a national bank. The final terms included a competitive spread, full term interest only, with flexible prepayment provisions allowing the sponsors to continue their value-add initiatives across the portfolio. Kevin Mackenzie, Annie Rice, and Brandon Smith led JLL Capital Market’s Debt Advisory team, representing the borrower.
The portfolio covers 1,324 units across four properties. In Florida, the portfolio includes a fractured condo development, Arbors at Carrollwood in Tampa, plus two Class A assets in Orlando: Audubon Park and Alcove Orlando. These properties were built between 2001 and 2017.
All properties feature pools, fitness centers and modern community spaces.
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