NEW YORK–(BUSINESS WIRE)–Ease Capital has provided a $45.5 million floating-rate loan to Boardwalk Holdings for the lease-up and stabilization of the Reserve at Temple Terrace, a 290-unit, 10-building multifamily property in Temple Terrace, FL.
Barclay Lynch, Head of Loan Originations at Ease Capital, originated and structured the three-year, full-term interest-only, non-recourse loan. Mark Vinitsky and Ralph Wurzberger of Lument represented the borrower and arranged the financing.
“We are excited to provide senior financing to the team at Boardkwalk Holdings, who has done a phenomenal job on the redevelopment and lease-up of the Reserve at Temple Terrace,” said Barclay Lynch, Head of Originations at Ease Capital. “Ease was able to tailor a flexible financing solution to support the sponsor’s business plan to refinance its existing debt and stabilize the asset.”
“We are extremely pleased with the execution we were able to obtain for our client in a challenging market environment,” said Mark Vinitsky, Managing Director at Lument. “Ease was able to provide a flexible and accretive financing solution that offered the optimal structure to support the next phase of our client’s business plan for this well-positioned property.”
The Reserve at Temple Terrace is a fully redeveloped, 290-unit multifamily rental property in the Temple Terrace submarket of the Tampa-St. Petersburg-Clearwater MSA. The asset, previously operated as a student-housing complex serving the University of South Florida, underwent a significant transformation under the ownership of the Boardwalk Holdings sponsorship team who converted the asset to a traditional, free market multifamily property. Notably, the improvement scope included gut renovations of interiors with class A finishes and significant upgrades to the amenity offerings. Located proximate to major thoroughfares offering convenient access to downtown and situated in the Temple Terrace submarket, which exhibits tight vacancies and limited new deliveries on the horizon, the asset is poised for rapid lease-up to stabilization. The Boardwalk Holdings sponsorship team has already well-executed their business plan and capitalized on the tailwinds of the broader market having achieved 45% occupancy within 6 months of completing their renovation plan.
About Ease Capital:
Ease Capital is a direct commercial mortgage lender that provides the simplest way to finance multifamily real estate. Ease provides borrowers flexible financing solutions from $5 million to $50+ million on multifamily and mixed-use multifamily assets nationwide. Founded by a team with decades of experience in real estate lending, data, and technology, Ease is vertically integrated with hands-on asset management.. Ease offers a range of fixed and floating rate loan products including bridge, bridge-to-permanent, and permanent financing solutions for stabilized or near stabilized assets. Backed by leading institutional investors, Ease’s mission is to make real estate ownership more accessible. For more information, please visit www.easecapital.io.
About Lument:
Lument, a subsidiary of ORIX Corporation USA, is a national leader in commercial real estate finance and delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument offers Fannie Mae, Freddie Mac, FHA, USDA, and balance sheet financing, as well as a full suite of capital market lending products. In addition, Lument provides a suite of real estate advisory solutions including real estate investment sales, investment banking, and investment management solutions. The company has approximately 600 employees in over 30 offices across the United States.
Securities, investment banking, and advisory services are provided through Lument Securities, LLC, member FINRA/SIPC. Lument Investment Management, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission. For more information, visit https://www.lument.com/.
