TGM REFINANCES MULTIFAMILY COMMUNITY IN ST. PETERSBURG, FL
NEW YORK, March 16, 2023 — TGM announced today the mortgage refinancing for TGM Bay Isle, a 582-unit multifamily apartment community in St. Petersburg, Florida. TGM Bay Isle received Green Globes Certification enabling TGM to secure competitive borrowing terms from Fannie Mae as a result of the property’s green efficiency and sustainability. The refinancing opportunity was originated by Team Edelson at Walker & Dunlop.
TGM Bay Isle has a formidable competitive position in the diverse, growing, and strong Gateway submarket, one of the best and most desirable submarkets in the Tampa MSA, with easy commute to all the major employment centers in the MSA.
The Property, completed in two phases in 1998 and 2004, is comprised of twenty-two residential buildings on a 50-acre site. The unit mix consists of one-, two-, and three-bedroom apartment flats, as well as unusually spacious townhome units with direct access attached garages. TGM Bay Isle is at the epicenter of the metropolitan area’s 3 major employment centers, with quick access to the nearby Carillon Office Park and elsewhere in the Gateway submarket, as well as Westshore, downtown St. Petersburg, downtown Tampa, MacDill Air Force Base and Tampa International Airport.
The property also offers residents an appealing amenity package with three swimming pools, a heated spa, two state-of-the-art athletic clubs, two outdoor kitchens, a tennis/pickleball court, large dog park with agility course, pet spa, putting green, and a renovated clubhouse with a kitchen and pool table. TGM completed various renovation activities throughout its ownership, including apartment interior renovations and amenity upgrades. TGM also owns and manages a second apartment community in St. Petersburg, TGM Ibis Walk.
“The Tampa MSA is widely considered one of the most desirable and business-friendly regions in the country. Tampa’s ease of connectivity to other major metros and highly talented workforce have resulted in an established and growing economy supported by healthcare, financial services, military, tourism, manufacturing, and technology, to name a few. The region’s affordable cost of living (lowest of all major Florida markets), low tax environment with zero state income tax, excellent year-round weather and quintessential waterfront locations are attracting people and businesses to the region at a blistering pace” said John Gochberg, Managing Principal, Chief Executive Officer, and President.