CBRE Arranges $71.25 Million in Acquisition Financing for 372-Unit Multifamily Property in Clearwater, FL

CBRE Capital Markets’ Debt & Structured Finance has secured $71.25 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property located at 530 Fairwood Avenue in Clearwater, Fla.

Eric Fixler and Chandler Kaye with CBRE arranged the loan on behalf of the borrower, a private investor.

Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units, average 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court, and clubhouse with a café.

“The recent improvements to this property coupled with rent growth presented a fantastic opportunity for our client. We were able to secure a senior loan with layered mezzanine financing representing 87 percent loan-to-cost, designed to provide management the opportunity to move quickly and maximize value in the property. The buyer’s planned additional improvements and management capabilities will continue to see operational improvements and increased value at the property,” said CBRE Executive Vice President Eric Fixler.

Genesis Apartments is located nearby the intersection of major thoroughfares U.S. 19 and State Road 60, allowing for multi-directional convenient access to the beaches and Tampa and St. Petersburg.