Apartment owner refinances property for more than $50 million

RIVERVIEW — Beachwold Residential, the owners of a 340-unit Riverview apartment community, have refinanced the property for $53.77 million.

The loan was arranged by JLL Capital Markets. The seven-year, non-recourse loan is through Freddie Mac, according to a statement. 

The Grove at South Shore, which is about 18 miles southeast of downtown Tampa, is across from St. Joseph’s Hospital South and within two miles of 1.1 million square feet of retail space. The complex is made up of one-, two-, three- and four-bedroom units averaging 1,142 square feet and is about two miles from Interstate 75.

Elliott Thorne, senior managing director for JLL’s capital markets debt advisory team says in the press release announcing the refinancing that the interest-only loan “provides a great return of capital for their successful efforts along with years of durable cash flow that will only further enhance their future returns.”

“Since their acquisition in 2014, Beachwold has done an amazing job of renovating/repositioning the asset while the market has continued to experience major macroeconomic growth.”