Berkadia Arranges $44M Refinancing for Mast Capital and Rockpoint's The Harlow in Wesley Chapel, Florida

WESLEY CHAPEL, Fla. — Berkadia has arranged $44 million in refinancing for The Harlow, a 248-unit, Class A, garden-style multifamily community in Wesley Chapel, Florida, the firm announced Sept. 1. Walton Street Capital provided the three-year, floating-rate loan on behalf of a joint venture between Mast Capital and Rockpoint Group, retiring the property's existing construction debt and positioning the sponsors to pursue either a sale or permanent financing in the coming years.

Deal Structure and Berkadia Team

Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Matthew Robbins, and Brad Williamson, and Vice President Bryan Brown of Berkadia's Miami and Boca Raton offices arranged the financing. The property was 98% occupied at closing.

"The Harlow presented a compelling financing opportunity given the strength of the sponsorship, quality of the newly built asset and its strong operating performance," said Wadler. "We were able to structure a financing solution that provided the sponsors with the flexibility to execute their longer-term business plan."

The loan structure functions as a bridge-to-sale or bridge-to-permanent vehicle: short-term, floating-rate capital on a stabilized, newly delivered asset that has shed construction risk while still offering potential upside through rent growth and cap-rate compression. At $44 million across 248 units, the financing equates to roughly $177,400 per unit.

Property Overview: The Harlow in Wesley Chapel

Completed in 2024, The Harlow sits on approximately 16.24 acres at 5101 Bruce B. Downs Blvd. in Wesley Chapel, about 30 minutes north of downtown Tampa via I-75 and I-275. The four-story community offers one-, two-, and three-bedroom residences averaging approximately 1,006 square feet, with floor plans ranging from roughly 751 to 1,501 square feet. Advertised rents run from approximately $1,626 per month for a one-bedroom unit to $2,556 per month for a three-bedroom, with a broader band extending to around $2,601 per month depending on unit type and floor plan.

Amenities include a resort-style pool and sundeck, a fitness studio, a walking trail, EV charging stations, detached garages, and a clubhouse with co-working spaces and private offices. Willow Bridge serves as the property manager.

The community is directly adjacent to BayCare's approximately $250 million Wesley Chapel hospital campus and near AdventHealth Wesley Chapel, two major healthcare and employment anchors in the submarket. The property is also within five miles of Tampa Premium Outlets, Shops at Wiregrass, and The Grove at Wesley Chapel.

Wesley Chapel Market Context

"Wesley Chapel continues to benefit from strong population growth and significant investment in retail, healthcare and infrastructure, which have helped drive demand for newer rental communities like The Harlow," said Robbins. "The proximity to these demand drivers and the property's leasing performance have generated significant lender interest."

The Harlow's 98% occupancy at closing stands well above the broader Tampa multifamily market, where overall occupancy has slipped to approximately 93.3% as a wave of new supply has come online. Against that backdrop, the property's near-full occupancy reflects the demand pull from the healthcare employment cluster and the submarket's continued population growth, factors that Berkadia said attracted competitive lender interest during the financing process.

At 98% occupancy across 248 units, the property's gross potential monthly revenue runs in the range of $500,000 to $525,000, or roughly $6 million to $6.3 million annually before concessions and operating expenses, based on the advertised rent range.

Sponsor Commentary and Strategic Rationale

"The Harlow's strong leasing performance reflects the quality of the community and the continued demand we see across the Wesley Chapel market," said Camilo Miguel Jr., Founder and CEO of Mast Capital. "This refinancing positions the asset well for its next phase and underscores our conviction in the long-term fundamentals of the Tampa region."

By opting for a three-year, floating-rate structure rather than locking into longer-term permanent debt, Mast Capital and Rockpoint Group retain optionality to sell the asset or transition to permanent financing as market conditions evolve. The refinancing closes out the construction loan phase and marks the property's formal entry into its stabilized operating period.