Tampa apartment complex obtains nearly $80M refinancing loan

Bellwether Enterprise, a national commercial mortgage banking company, announced it handled a $78.6 million refinancing loan on the Mav, a mid-rise apartment complex in Tampa owned by Daniel Corp. 

The loan was negotiated on behalf of the borrower using Fannie Mae’s Near-Stabilization Execution. This type of financing is specifically for newly constructed multifamily apartment communities expected to achieve stabilized occupancy, according to a statement. The Mav, which began construction in 2020 and welcomed residents in 2023, is 90% occupied. 

“As the Mav’s construction loan matured, it was critical for the borrowers to secure financing that would allow them to finalize lease-up toward full stabilization. Fannie Mae’s Near-Stabilization Execution proved to be the perfect execution for what they were seeking, and this loan will give the sponsorship the capital structure they need to ensure the Mav can stabilize operationally while hedging interest rate volatility,” says executive vice president Alan Tapie, who led the project, in a statement. 

The Mav is  at 601 N. 12th St. in Channelside and totals 324 units with a blend of studio, one-bedroom and two-bedroom floor plans. Amenities include a fitness studio, a coworking space with private conference rooms, a resort-style pool and deck, and a sky deck with expansive views of downtown Tampa and the bay.

BWE states on its website that its secured financing for over 5,000 properties, totaling $51.2 billion over the last five years. CEO DJ Effler leads the charge over roughly 40 offices and a national servicing platform.

Daniel Corp. is a full-service real estate company with a corporate office in Birmingham and a regional office in Atlanta. Its portfolio includes office, multifamily, hospitality, medical and retail properties.