Bridge Investment Group Lends $40M on Tampa Apartments Buy

A joint venture between Yale Capital Group and developer Daryl Hagler has secured $39.7 million of acquisition financing for the purchase of two multifamily properties in Tampa, Fla., Commercial Observer has learned.

Bridge Investment Group closed the loans for the sponsorship’s acquisition of the 228-unit

Rivertree Landing Apartments and 224-unit Puritan Place Apartment Homes in northeast Tampa. Yale and Hagler acquired each property for $23.75 million, according to Arrow Real Estate Advisors, which negotiated the financing.

Arrow arranged the transaction with a team led by Morris Betesh and Louis Halperin.

“Yale Capital Group identified a rare opportunity to acquire two well-located assets at a compelling basis,” Betesh, founder and managing partner of Arrow, said in a statement. “Bridge Investment Group delivered the speed and structural flexibility needed to win a competitive process, providing the sponsor with the best support to execute their value-add plan.”

Located at 6909 Indian River Drive, Rivertree Landing Apartments was built in 1994 and spans 220,332 square feet. Community amenities include a swimming pool, a fitness center and a business center.

The 1970-built Puritan Place Apartment Homes at 7903 Holly Lea Court encompasses 194,656 square feet. Its amenities include two swimming pools, a fitness center and a picnic area.