Ilan Investments wins bridge loan for recent residential acquisition

Published at: 2016-09-19 15:48 | Author: CIJ USA

Ilan Investments has secured a $45 million bridge loan for the acquisition of the Tampa Woods Apartments which it recently acquired in a $58 million deal. Formerly known as Camden Woods, the Class A garden-style apartment community encompasses 444 units spread across 38 buildings. The non-recourse, interest-only bridge loan includes a two-year term with two six-month extensions. The property offers one- and two-bedroom units and features a number of upscale amenities including a fitness room, a tennis court; and dedicated outdoor dog run. Funding for the bridge loan was sourced through Greystone.

“Tampa Woods—formerly known as Camden Woods—is a beautiful Class A property located in the desirable Westshore district of Tampa, which the borrower, Ilan Investments, acquired for about $130,600 per unit,” stated Donny Rosenberg, Greystone’s managing director. “The Westshore district of Tampa is a bustling region of the area, providing the amenities, employment, culture and transportation access that residents desire.”

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