A joint venture between Mast Capital and Rockpoint has received a $44 million loan to refinance a newly completed garden residential complex in a suburb north of Tampa, Florida, Commercial Observer has learned. Walton Street Capital provided the three-year, floating-rate loan for The Harlow, a 248-unit property in Wesley Chapel, Florida.
The refinancing repaid an existing construction loan for the asset and offers the borrower flexibility to pursue a sale or permanent financing in the coming years, according to Berkadia, which arranged the transaction. Berkadia negotiated the financing with a team comprising Mitch Sinberg, Scott Wadler, Matthew Robbins, Brad Williamson and Bryan Brown.
Attractive financing opportunity
Scott Wadler, Managing Director at Berkadia, stated that The Harlow represented an attractive financing opportunity, given the strength of the sponsor, the quality of the newly built asset and its strong operational performance. Matthew Robbins added that the Wesley Chapel submarket benefits from strong population growth as well as significant community investment in retail, healthcare and infrastructure projects.
The property is located half a mile north of the $250 million BayCare Hospital Wesley Chapel, which opened in 2023. The Harlow, built in 2024, is situated at 5301 Bruce B Downs Boulevard, 23 miles north of downtown Tampa. At the time of the loan closing, it was 98 per cent occupied, with a mix of one-, two- and three-bedroom units.
Strong rental demand in Wesley Chapel
The strong leasing performance at The Harlow reflects the quality of the residential complex and the continued demand observed throughout the Wesley Chapel market, said Camilo Miguel Jr., Founder and CEO of Mast Capital. He added that this refinancing positions the asset well for its next phase and underscores Mast Capital's belief in the long-term fundamentals of the Tampa area.
- —Location: 5301 Bruce B Downs Boulevard, Wesley Chapel, Florida
- —Units: 248 residential units (one-, two- and three-bedroom apartments)
- —Amenities: Pool, sun deck, fitness centre, walking trail, electric vehicle charging stations, co-working spaces
- —Occupancy rate: 98 per cent at the time of loan closing
Walton Street Capital did not immediately respond to a request for comment.
