Boston apartment complex owner refinances two properties for $86M

Taurus Investment Holdings, a Boston private equity real estate investment firm, has refinanced two Florida apartment complexes, including one in Tampa, for $85.65 million.

The refinancing was accomplished through two loans, one for each property, and secured by Berkadia. The combined properties have 640 units.

The 280-unit Tampa property, Lofton Place Apartments in the Carrollwood section of the city, got a $36.5 million 10-year term loan with a floating interest rate and five years of interest only payments. The loan was from Freddie Mac, according to a statement. 

Rosemont Windermere, a 360-unit community in Orlando, got a $49.15 million three-year loan with interest only and a floating interest rate. Berkadia, which announced the loans, did not disclose the bank providing the financing.

The loan is part of an effort by Taurus and Aegon AM aimed at “acquiring value-add multifamily assets and reducing their energy consumption and carbon outputs.” Working with its subsidiary RENU Communities, Taurus delivers decarbonized energy retrofits to it properties, Berkadia says.

Taurus and Aegon AM announced a four-year, $600 million environmental, social and corporate governance-centric partnership earlier this year.

“Despite market volatility, Tampa and Orlando are markets that have demonstrated strong fundamentals with continued upside for rent growth,” Berkadia’s managing director Matt Robbins says in the announcement.

“Due to these factors, Taurus and Aegon completed their third recapitalization which incorporates an ESG improvement plan, part of the RENU program, in addition to a traditional capital improvement plan to bring the assets to the next level.”

Lofton Place was built in 1988 and is made up of one-, two- and three-bedroom apartments that range from 654 square feet to 1,218 square feet. According to county property records Taurus bought the property in 2019 for $43.15 million.