Newmark Knight Frank (NKF) has announced the $26 million Freddie Mac portfolio refinancing of The Loop at Wedgewood in Lakeland, FL. The effort was led by NKF's Multifamily Capital Markets Executive Managing Director Brian Kochan and Assistant Vice President John Westby-Gibson of the firm's Bethesda office on behalf of the owner and repeat Freddie Mac client, Insula Companies.
“The Loop at Wedgewood has performed exceptionally well during the COVID-19 pandemic, with strong rent collections month-over-month and an average year-to-date physical occupancy of 98%+,” said Kochan. “NKF was proud to deliver loan proceeds above the application amount through a seamless process with Freddie Mac, from start to finish in less than 45 days.”
The Loop at Wedgewood is a 240-unit garden-style community constructed in 1985 and renovated in 2019. One- and two-bedroom units include spacious floorplans, walk-in closets, washer and dryer hookups, black appliances, new cabinets and updated lighting. The Property is situated around the Wedgewood Gold Course and its amenities include a swimming pool, indoor and outdoor fitness areas, tennis court, renovated clubhouse, laundry facilities, business center, playground and grill/picnic areas.
Since acquiring the property in 2018, Insula has focused primarily on increasing curb appeal through exterior improvements and amenity upgrades. Improvements include a new asphalt parking overlay, exterior paint, new signage throughout, substantial interior/exterior clubhouse upgrades, enhanced pool area including new furniture, turf and hammocks, significant tree trimming and landscaping improvements, all new balcony screening, the addition of a dog park and the outdoor fitness area and improvements to the playground.
In refinancing, Insula was able to take advantage of the low interest rate environment and return value to its shareholders for the capital invested into the property since its acquisition. According to NKF Research, multifamily has been the top performing property type for rent collections since the onset of COVID-19 and the only property type to exceed 90% rend collections each month since April.
