Berkadia has arranged the $32.7 million sale of Grand Pavilion, a 264-unit apartment community in Tampa.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony and walk-in closets. Amenities include a fitness center, swimming pool with sundeck, outdoor grill area, playground, dog park, clubhouse lounge, game room, and package receiving area.
Cole Whitaker and Jason Stanton of Berkadia’s Tampa and Orlando offices represented the seller, ESG Kullen, in the transaction. Mitch Sinberg and Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing through lender Freddie Mac on behalf of the buyer, Praxis Capital. The 10-year, floating-rate loan offered five years of interest-only payments.