Asia Capital Real Estate provides $ 43 million loan for acquisition in Tampa



Lola Apartments. Image courtesy of NorthMarq

Asia Capital Real Estate has acquired Lola Apartments, a 264-unit A-class residential complex in Riverview, Florida, in Hillsborough County. The seller, a joint venture between Lindell Investments and Investors Realty, was represented in the transaction by the investment sales group NorthMarq Tampa.

Working on behalf of the acquirer, JLL Capital Markets secured a $ 42.8 million acquisition loan through lender CIT Group.

Lola Apartments are located at Jonas Salk Drive, 9960, in the southeastern suburb of Tampa, Florida. Pets are allowed here. The hotel has apartments with one, two and three bedrooms at a ratio of 45 percent, 49 percent and 6 percent, respectively. with an average unit size of 968 square feet. Finishes include stainless steel appliances, island kitchens, balconies, walk-in closets, vaulted ceilings and access to smart technology.

Utilities include a 24-hour fitness center, 8,000 square foot clubhouse, pool, poolside gazebos with outdoor TV, campfire site and grills, and a bark park and pet spa, game room and 398 classrooms … flat parking spaces.

Rental trends in the area

This garden-style hotel is located 18 miles southeast of downtown Tampa, adjacent to St. Joseph’s Hospital South. In addition, the village is located 1 mile from Interstate 75, which provides easy access to Miami and the Florida West Coast.

Rented in the first quarter of 2019, the Lola apartments were rented out for about 20 units per month due to the high demand for apartment buildings. Recent leases have been signed at above average rates. In addition, competition for this property is limited: only two apartment buildings are being built within a 5-mile radius.

Refinancing pipeline

Last year Asia Capital Real Estate initiated a series of financing deals for various multi-apartment projects. City Club Apartments, an elite project in Detroit, received a bridging loan of $ 78.5 million at the final stage of construction, and Wood Partners received a refinancing loan in the amount of USD 86.3 million for his Yard 8 luxury condo in Miami. Sovereign Properties also refinanced Millennium at Hometown, a 306-unit Class A condominium in North Richland Hills, Texas, with an apartment complex. $ 49.1 million loan from Asia Capital Real Estate

Earlier this year, in March, Asia Capital Real Estate provided Austin Lawrence Partners US $ 34 million short-term bridging loan refinance existing debt to a 28-story Class A One City Center facility in Durham, North Carolina

The JLL team that secured the loan for the acquisition of Lola Apartments was led by Director Jesse Wright, Senior Managing Director Elliott Tron and Assistant Kenny Cutler.

The seller’s investment sales group NorthMarq Tampa included Managing Director Luis Elorza and Senior Associate Justin Hofford.


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