Transaction Overview
George Smith Partners successfully arranged $16,700,000 in non-recourse, floating rate bridge financing for Balcara 301 at Sun City, a 120 unit build for rent (BTR) community located in the Tampa MSA.
The transaction was structured as a bridge-to-bridge execution, refinancing the Sponsor out of a maturing loan and providing additional runway to complete stabilization. The asset is currently 85% occupied and working through lease up. To reposition the property for stabilization, the Sponsor transitioned property management to a new third party management company.
Completed in 2024, Balcara 301 at Sun City is a collection of 120 luxury townhomes on individually platted lots in suburban Tampa. The community sits directly adjacent to Southshore Bay, one of Tampa's top selling master planned communities.
The loan was sized to the lesser of: a 9.50% going in debt yield on the appraised untrended NOI, 60% loan to cost, and 55% loan to value on the prospective as stabilized value determined by an appraisal.
