Berkadia announces it has arranged $50.25 million in debt and equity financing for the development of Belmont Tampa Apartments, a 300-unit, Class A, garden-style apartment community to be built on the final undeveloped parcel in Belmont, a mixed-use master-planned community located approximately 30 minutes south of Tampa.  

Managing Director Scott Wadler of Berkadia Miami and Senior Director Wyatt Krapf of Berkadia Tampa structured the capital stack on behalf of the sponsor, a joint venture between Cross Lake Partners of New York City and GreenPointe Holdings of Jacksonville, Fla. Synovus Bank provided a $33.1 senior loan. Federal Capital Partners, out of Chevy Chase, Maryland, provided $17.15 million in preferred equity.

Ranked as one of the most active communities in south Hillsborough County, Belmont is entitled for up to 2,260 residential units including over 1,200 homes and townhomes already sold by Lennar, another 160 Lennar townhomes under construction, and a 150,000-square-foot Publix-anchored grocery store. Belmont Tampa Apartments are expected to deliver in the spring of 2023.

“With Tampa’s urban core and waterfront areas already built out, new development is shifting eastward toward Brandon and Riverview,” said Wadler. “These suburban enclaves like Belmont offer residents outstanding amenities and convenient access to employment centers at a more affordable cost of living.”

Added Krapf, “While Florida as a whole has seen a massive influx of new residents this past year, Hillsborough County was already experiencing a surging population – it had the 4th highest net migration in Florida between 2010 and 2018 – and it is well positioned to continue to capture more new homebuyers and renters as Florida’s population continues to grow.”   

Located at 14323 S US Hwy-301, Belmont Tampa Apartments will consist of 12 three-story residential buildings on a 15.51-acre site, along with one central leasing building/clubhouse. The community will offer one-, two- and three-bedroom floor plans averaging 1,107 square feet. Community amenities include a resort-style pool, dog park, 24-hour state-of-the-art gym, as well as trails and active open spaces. It will also be within walking distance of the new Publix and Belmont Elementary School.

Berkadia announces it has arranged $54.112 million in construction financing for Gateway at Charlotte Park, a new 284-unit market-rate apartment community in Charlotte, North Carolina. Senior Managing Director James Tanner III of Berkadia’s Raleigh office along with Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office secured the financing on behalf of a JV between Miami-based Coral Reef Investment Properties and Greensboro, North Carolina-based Brown Investment Properties.

The Department of Housing and Urban Development originated the 40-year, fixed rate loan at an 85% LTC.

“Charlotte’s diverse economy and quality of life have created one of the most in-demand housing markets in the country,” said Tanner. “As the most populated city in North Carolina, a state that remains one of the fastest growing in the nation, the need for new multifamily housing at market rates is clear. With demand expected to continue, an asset like Gateway at Charlotte Park may see lease-up translate into a successful hold period for the investors.”

“The collaboration among producers in our firm is an extraordinary aspect of working with Berkadia,” added Foschini. “Several years ago when our client, principally a commercial investor approached us about a multifamily development out of state, we knew they would be best served with a team expanding our Miami capabilities. We did not have to look far. Berkadia has among the most talented HUD production teams in the country, and that was evident in this results driven transaction. Working with Jim, we achieved a loan that exceeded not only our client’s expectations, but our own.”

Located at 4551 Charlotte Park Drive, Gateway at Charlotte Park will feature studios, one-, two- and three-bedroom units throughout two 4-story elevator served buildings. Amenities will include Energy Star appliances, granite countertops and washer/dryer appliances, with designated accessible units that will have lowered countertops and workspaces. Community amenities will include a clubhouse, business Center, conference room, coffee bar, package center, fitness center and swimming pool.

The pet friendly community will be situated with proximity to both Billy Graham Parkway, Tryon Street and Interstate Highway 77, affording excellent access to greater Charlotte and the surrounding areas.

Greensboro-based KMW Builders, LLC will be the contractor, with Charlotte-based Housing Studio, PA serving as the architect.

Berkadia announces it has arranged $27.54 million in financing for the acquisition of Melvin Park Apartments, a 263-unit community in Catonsville, Maryland. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office secured the financing on behalf of a JV between GMF Capital and Limitless Management.

Berkadia originated and Freddie Mac purchased a 10-year, floating rate loan with five years IO.

“Baltimore’s growing population, proximity to a variety of public and private sector employers and low cost of living relative to other cities in the region have demonstrated multifamily fundamentals that allow it to compete with markets in the nearby Sunbelt,” said Sinberg. “These factors, coupled with interest rates remaining low, offered a clear opportunity for a successful value-add play in a well-established market.”

Built in 1951, Melvin Park Apartments is located at 351 Suter Road. Two-bedroom units include hardwood floors, stainless steel appliances, walk-in closets and a dishwasher. Community amenities feature two playgrounds, a picnic/BBQ area, large grass courtyards and laundry facilities.

Located in the Baltimore suburb of Catonsville, the community is found near numerous transit routes, higher learning and retail options. Baltimore National Pike and the Baltimore Freeway are each less than five minutes away, providing direct access throughout the greater Baltimore and Washington, DC areas. University of Maryland, Baltimore County is less than 10 minutes from the community, with Westview Mall nearby the property at just under five minutes away.

Berkadia announces it has arranged the $57.75 million sale and $41.75 million financing of Verso Luxury Apartments, a 250-unit community located southwest of Orlando in Davenport, Florida. Managing Directors Matt Wilcox and Brett Moss, along with Associate Tyler Swidler of Berkadia’s Orlando office, arranged the sale on behalf of a JV between The Garrett Companies and Phoenix Capital Holdings. Managing Director Jason Brown and Senior Real Estate Analyst Austin Katai, of Berkadia’s Indianapolis office secured the loan on behalf of a JV between TTI Capital of Reston, Virginia and Viking Companies of Gainesville, Florida.

Berkadia sourced the loan from Asia Capital Real Estate (“ACRE”), who provided a two-year, floating rate non-recourse loan that allowed the borrower to acquire the property at stabilization with more aggressive underwriting and leverage than the agencies could currently offer.

The transaction, which is TTI Capital’s first acquisition in Florida, continues to demonstrate the diverse nature of capital seeking residential investment opportunities throughout the Orlando MSA, given the area’s strengthening market fundamentals which translate into elevated demand for housing.

“Davenport’s burgeoning local logistics presence and emerging medical critical mass have proven to drive resiliency throughout Davenport / ChampionsGate, especially relative to some of Central Florida’s harder hit industries since the onset of the COVID-19 pandemic. Additionally, Verso’s highly differentiated ‘big house’ product drove one of the most impressive lease-up stories of any community in Central Florida since the onset of the pandemic,” said Moss.

“With the rapid rise in construction costs, mainly driven by lumber, coupled with rising insurance costs, numerous planned developments in the area have been precluded from being successfully capitalized. Sellers of existing multi-housing communities are enjoying an onslaught of buyer demand from all corners of the globe, which we do not see subsiding any time soon. As a result, we expect pricing to continue to elevate and cap rates to continue to compress,” added Wilcox.

“The ACRE bridge loan was underwritten and accepted while the property was still completing its initial lease up and stabilization, allowing our client to acquire this luxury property within a tight sale timeframe and with subordinate capital in the capital stack,” said Brown.

Built in 2020, Verso Luxury Apartments is located at 6100 Echelon Way. One-, two- and three-bedroom units include quartz countertops, stainless steel appliances, tile backsplash, wood-style plank flooring, breakfast nooks, NEST thermostats and washer/dryers. Community amenities feature an expansive clubhouse, resort-style swimming pool with private cabanas, fitness center, outdoor kitchen with grill area, parcel lockers, spa and a pet park.

Adjacent to the 96,750-square-foot Ovation Town Center, the community is found near several important day-to-day retail options as well as Fortune 500 employers. Distribution centers from UPS, Amazon, Walmart and CVS are only about 15 minutes away from the property, supplying thousands of steady jobs in the area that buttress Polk County’s employment composition.

Berkadia announces it has arranged the sale and financing of a three-property, 452-unit portfolio of affordable multifamily properties located in the suburbs of Richmond and Norfolk, Virginia. The three properties - Oaks of Dunlop Farms in Colonial Heights (144 units), Independence Square (152 units) and Crescent Place (156 units), both in Portsmouth – traded for a combined $48 million.

Senior Managing Director Drew White of Berkadia’s Chevy Chase, MD office and Director Carter Wood of Berkadia’s Newport News, VA office represented the seller, The Franklin Johnston Group. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged a $39.105 million loan on behalf of the buyer, a joint venture between Blackfin Real Estate Partners, LLC and GMF Capital.  Berkadia originated and Freddie Mac will purchase the 10-year, Targeted Affordable Housing (TAH) floating rate loan.

“We had investor interest from all over the country for these three properties, as it's a rare opportunity to see a portfolio averaging 98%+ occupancy and 4%+ rent growth,” said White. “This was a testament both to the management team, as well the market. Great execution all around.”

“Leveraging Freddie Mac’s affordable housing product to carry out a unique investment thesis among three properties, the buyer’s portfolio will benefit from tailwinds in each market that have resulted in stabilized properties,” added Sinberg.

Built in 1990, The Oaks of Dunlop Farms is located at 101 Old Oak Ln. One-, two- and three-bedroom units include high speed internet access, washer/dryer and a fireplace. The pet-friendly community features a clubhouse, swimming pool and playground.

Built in 1986, Independence Square is located at 5120 George Washington Hwy. One-, two- and three-bedroom units include walk-in closets, washer/dryer and a private patio/balcony. The pet-friendly community features a swimming pool and playground.

Built in 2008, Crescent Place is located at 2804 Turnpike Rd. One-, two- and three-bedroom units include walk-in closets, office space and washer/dryer. The pet-friendly community features a clubhouse, swimming pool and a fitness center.

Berkadia announces it has arranged the sale and financing for a three-property, 252-unit multifamily portfolio in the Florida Panhandle. Vantage Point Acquisitions acquired the three apartment communities including the 176-unit Crosswinds, 40-unit Crosslake Cove and 36-unit Ponderosa Place, located in Fort Walton Beach, only 30 minutes from iconic Destin beaches and approximately 45 miles east of Pensacola.

Senior Director David Etchison of Berkadia’s Florida Panhandle office and Senior Managing Director Cole Whitaker of the Orlando office arranged the $49.8 million sale on behalf of the seller, Fisher Development LLC. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the financing on behalf of Vantage Point Acquisitions.

“This legacy portfolio represented a rare opportunity to acquire newer construction multifamily assets in one of the fastest-growing markets along the Emerald Coast,” said Etchison. “Fisher Development’s custom homebuilding background is evident in the construction quality and special unit features like unique top floor lofts. The transaction process was a true collaboration between Fisher Development LLC and Vantage Point Acquisitions that resulted in a win-win for all parties.”

According to CoStar & RCA, this sale sets the new high-watermark in Fort Walton Beach at nearly $198,000 per unit for a conventional multifamily property.

Fannie Mae originated the 12-year loan with 7 years IO at an aggressive interest rate.

“Fort Walton’s rate of growth and labor resiliency have made it a competitive market with fundamentals that create favorable opportunities for investment,” said Sinberg. “Anchored by one of the largest military bases in the U.S. and industries like construction and manufacturing, the city is part of what’s considered the Florida Panhandle’s jobs center, bringing new residents and corporate investment that further support its multifamily market.”

Built from 2013 to 2019, Crosswinds is a 176-unit community that includes modern floor plans, fully equipped kitchens, walk-in closets, vaulted ceilings with extra loft space, and private screened patios. Community amenities include a custom-designed swimming pool, in-home washer and dryer connections, large fitness area, a spacious clubhouse, and several private garages.

Built in 2001, Crosslake Cove Apartments is a pet-friendly, 40-unit community with an incredible location, private pool, in-home washer and dryer connections, loft units, and private screened patios.

Built in 1999, Ponderosa Place Apartments is a pet-friendly, 36-unit community that includes modern floor plans, in-home washer and dryer connections, and private garage parking for each unit.
Berkadia's North/Central Florida multifamily investment sales team has closed over $2.1 billion in sales volume through over 19,000 units since 2017.