BWE, a national commercial and multifamily mortgage banking company, announced today that it has secured a $76,800,000 loan to refinance The Mav Channelside, a 324-unit mid-rise apartment complex located in Tampa, Florida.
BWE’s Atlanta office secured the five-year, fixed-rate loan using Fannie Mae’s Near-Stabilization Execution on behalf of the borrower, a joint venture led by Birmingham, AL based Daniel Corporation, a full-service real estate investment and development company. Production efforts were led by executive vice president Alan Tapie with the support of senior vice presidents Thomas Wiedeman and Brad Walker and production analyst Hanley Long.
“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,” said Tapie. “We value our capital partnerships and are continuously looking for means to tailor unique financing structures to meet our clients’ needs in today’s challenging environment”
Located at 601 N 12th Street in Channelside, The Mav hosts a mix of 108 studio, 163 one-bedroom, and 53 two-bedroom apartments and is currently 90% occupied. Apartments at the Mav feature a wide range of luxury amenities for residents to use, including quartz countertops, designer lighting, stainless steel appliances, smart home systems, and keyless entry. The property itself also includes many shared amenities for all the residents to enjoy, such as an expansive fitness studio, an indoor/outdoor co-working space with private conference rooms, a pool deck with a resort-style pool, and a sky deck with expansive views of Downtown Tampa and the bay.
The Channelside District, home to the Mav, is situated in the heart of Tampa and is easily accessible from both major highways and by Tampa’s public transit system. Once an industrial hub, Channelside has undergone a significant transformation over the past 20 years, turning it into a mixed-use community that features significant retail, entertainment, and residential spaces. The Mav is situated near the new $3 billion development called Water Street Tampa, North America’s first WELL Certification communities. The area is rapidly growing and provides an elusive mix of walkability paired with local businesses, leisure activities and water access.