Electra Capital Provides $23.8 Million Bridge Loan for 218-unit Waterfront Apartment Community in Tampa
Tampa, Fla. (Jan. 13, 2021) – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, originated a $23.8 million bridge loan for the acquisition of River Gardens, a 218-unit garden style multifamily community located on the Hillsborough River in Tampa. The buyer was Main Street Residential, an investor based in Stuart, FL, and River Gardens represents the second project that Main Street has financed with Electra.
“River Gardens presents a compelling value-add opportunity, and Electra’s bridge loan allows the buyer to take advantage of repositioning the asset with significant upside,” said Samuel J. Greenblatt, CEO of Electra Capital. “The proximity of River Gardens to Downtown Tampa, coupled with the market’s positive labor fundamentals, is driving strong demand growth.”
The buyer plans to implement a capital expenditure program and make key upgrades throughout the property. Planned renovations include an upgraded clubhouse and fitness center, refurbished boat docks and an enhanced picnic and grill area. Interior renovations include full kitchen and bath upgrades, new vinyl plank flooring and carpeting, and new lighting and hardware.
Built in 1965, River Gardens is located at 4009 North Howard Avenue. Studios, one-, two- and three-bedroom units include walk-in closets, kitchen bar counters, high ceilings and a private patio/balcony. Community amenities feature river views, private boat docks, three swimming pools, a fitness center, resident clubhouse and bark park.
Situated on the Hillsborough River, the community is near multiple employers in the Westshore Business District and Downtown Tampa as well as transit routes. Interstate 275 is just under five minutes from the property, offering direct access into Downtown Tampa, Tampa International Airport and St. Petersburg.