Orlando, Fla. (July 29, 2019) – Berkadia announces it has arranged a $19 million senior loan for the purpose of recapitalizing 174 units at Discovery Palms, a well-located 336-unit fractured condo community (162 units are privately owned) located in Orlando, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Analyst Shannon Wilson of Berkadia’s Miami office arranged financing on behalf of ownership, Discovery Palms Owner, LLC. The property is 98% occupied.
Guggenheim Commercial Real Estate Finance provided the fixed-rate loan, with a five-year term and two years interest only.
“ESG Kullen has added significant value to the asset since acquiring the community in August 2017 through a variety of capital improvements and exceptional management,” said Apone. “Meaningful increases in NOI and value made it an ideal opportunity for Guggenheim to provide a life insurance company based fixed rate loan to replace the previous floating rate bridge loan that was used to acquire the asset in 2017. The attractive fixed interest rate and flexible terms provided by Guggenheim will ensure a reliable source of cash flow to the asset.”
Located at 12806 Madison Pointe Circle, Discovery Palms is a gated community built in 2003 consisting of three-story garden-style apartments and two-story townhomes on 18.9 acres. One-, two- and three-bedroom units run from 934 square feet to 1,104 square feet. Community amenities include an expansive clubhouse, swimming pool, fitness center, tennis court, volleyball court, indoor basketball court and putting green.
Discovery Palms is a well-located asset along International Drive, a vibrant corridor close to several corporate campuses, resort properties and Orlando’s most popular tourism destinations. Approximately five miles north of Discovery Palms is SouthPark Center, a 2.9-million-square-foot office park boasting a roster of globally recognizable companies and 10,000 employees. The property is three miles south of Pointe Orlando, an open air retail entertainment complex featuring upscale and casual dining options as well as bars and nightclubs. SNEY
###
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
© 2019 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Orlando, Fla. (July 29, 2019) – Berkadia announces it has arranged a $19 million senior loan for the purpose of recapitalizing 174 units at Discovery Palms, a well-located 336-unit fractured condo community (162 units are privately owned) located in Orlando, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Analyst Shannon Wilson of Berkadia’s Miami office arranged financing on behalf of ownership, Discovery Palms Owner, LLC. The property is 98% occupied.
Guggenheim Commercial Real Estate Finance provided the fixed-rate loan, with a five-year term and two years interest only.
“ESG Kullen has added significant value to the asset since acquiring the community in August 2017 through a variety of capital improvements and exceptional management,” said Apone. “Meaningful increases in NOI and value made it an ideal opportunity for Guggenheim to provide a life insurance company based fixed rate loan to replace the previous floating rate bridge loan that was used to acquire the asset in 2017. The attractive fixed interest rate and flexible terms provided by Guggenheim will ensure a reliable source of cash flow to the asset.”
Located at 12806 Madison Pointe Circle, Discovery Palms is a gated community built in 2003 consisting of three-story garden-style apartments and two-story townhomes on 18.9 acres. One-, two- and three-bedroom units run from 934 square feet to 1,104 square feet. Community amenities include an expansive clubhouse, swimming pool, fitness center, tennis court, volleyball court, indoor basketball court and putting green.
Discovery Palms is a well-located asset along International Drive, a vibrant corridor close to several corporate campuses, resort properties and Orlando’s most popular tourism destinations. Approximately five miles north of Discovery Palms is SouthPark Center, a 2.9-million-square-foot office park boasting a roster of globally recognizable companies and 10,000 employees. The property is three miles south of Pointe Orlando, an open air retail entertainment complex featuring upscale and casual dining options as well as bars and nightclubs. SNEY
###
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
© 2019 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Orlando, Fla. - Berkadia announces it has arranged the sale of a five-property multifamily portfolio in central and north Florida. The properties, located in Gainesville, St. Petersburg and Daytona Beach, were sold to two separate buyers.
Senior Managing Director Cole Whitaker and Director Mary Beale of Berkadia’s Orlando office, along with Senior Director Jason Stanton of Berkadia’s Tampa office and Director Greg Rainey of Berkadia’s Jacksonville office, represented the seller, The McKinley Companies, a real estate investment firm based in Ann Arbor, Michigan.
Sun Pointe Lake Apartments (96 units) and Sun Pointe Apartments (119 units), both in Daytona Beach, were acquired along with Windmeadows Apartments (323 units) in Gainesville by GoldOller Real Estate Investments. Berkadia also secured the financing for these three properties through Freddie Mac and Fannie Mae. Senior Managing Director Robert Falese of Berkadia’s Philadelphia office arranged the financing.
Benchmark Group purchased the Sailpointe Apartments (60 units) in South Pasadena and El Mar Apartments (42 units) in North Redington, both near St. Petersburg.
“As Florida’s population continues to grow with about 1,000 people each day and is home to the nation’s third largest workforce, the sale of this portfolio indicates strong interest in multifamily investment in secondary markets due to a variety of positive factors drawing new residents to the state,” said Whitaker.
Built in 1986, Sun Pointe Lake Apartments is located at 1757 South Clyde Morris Boulevard. Two-bedroom units include dishwasher, disposal and lake views. Community amenities include laundry facilities, Wi-Fi, picnic area, fitness center, tennis court and swimming pool.
Built in 1986 and renovated in 2001, Sun Pointe Apartments is located at 1250 Woodcrest Drive. One-bedroom units include dishwasher and walk-in closets. Community amenities include a business center, fitness center, spa, pool, laundry facilities and picnic area with grill.
Built in 1972, Windmeadows Apartments is located at 3700 Windmeadows Boulevard. One- and two-bedroom units include dishwasher, range, microwave and walk-in closets. Community amenities include a fitness center, sauna, swimming pool, basketball court, game room, car wash area and laundry facilities.
Built in 1969, Sailpointe is located at 6742 Gulfport Boulevard. One- and two-bedroom units include stainless steel appliances, dishwasher, disposal, sunroom, and walk-in closets. Community amenities include a sundeck, picnic area, and lake access with boat docks.
Built in 1972, El Mar is located at 17035 Gulf Boulevard. Two-bedroom apartments include stainless steel appliances, dishwasher, disposal, range, breakfast nook, hardwood floors, sunroom, walk-in closets, and window coverings. Community amenities include a fitness center, bike storage, lounge, coffee bar, rooftop lounge, sundeck, courtyard and barbecue area.
HOUSTON (Sept. 11, 2018) – Berkadia has arranged the sale and financing for Alexan Auburn Lakes, a 346-unit multifamily community located only a short distance from the prestigious Woodlands community. Senior Managing Director Ryan Epstein, Director Jennifer Ray, Associate Director Wes Breeding, and Associate Scott Bray of Berkadia’s Houston office represented the seller, Trammell Crow Residential and Prime Property Investors. Senior Managing Director Tucker Knight and Director Nick Murphy of Berkadia’s Houston office secured the financing on behalf of the buyer, Olympus Property, a Fort Worth based full service multifamily investment and property management organization with 17,000 units across 10 states.
“With continued interest from a variety of investors, Houston’s multifamily market remains competitive, even for newly built properties such as this one,” said Ryan Epstein. “Solid fundamentals that are consolidated within the Spring area of Houston made this property especially attractive, and consistent growth in the surrounding area will also enhance the standard of living for residents of this community.”
Built in 2015, Alexan Auburn Lakes is located at 6000 West Rayford Road. One-, two-, and three-bedroom units offer wood vinyl floors, granite countertops, stainless steel appliances , USB ports, keyless entry system, island kitchens and built-in Blue-Tooth speaker systems. Community amenities include two tropical pools with courtyards, bark park and groom room, and reflection lake and running trail.
Situated a short distance from The Woodlands, the community is ideally located near 21 million square feet of office, research, institutional and industrial space. High-paying centers of employment include Chevron Phillips Chemical, Maersk Line, Halliburton, CHI St. Luke’s Health and Texas Children’s Hospital. Additionally, the fast-growing Springwoods Village is less than four miles southeast, which is home to HP’s new campus and the new Exxon Mobil campus.
HOUSTON (Sept. 11, 2018) – Berkadia has arranged the sale and financing for Alexan Auburn Lakes, a 346-unit multifamily community located only a short distance from the prestigious Woodlands community. Senior Managing Director Ryan Epstein, Director Jennifer Ray, Associate Director Wes Breeding, and Associate Scott Bray of Berkadia’s Houston office represented the seller, Trammell Crow Residential and Prime Property Investors. Senior Managing Director Tucker Knight and Director Nick Murphy of Berkadia’s Houston office secured the financing on behalf of the buyer, Olympus Property, a Fort Worth based full service multifamily investment and property management organization with 17,000 units across 10 states.
“With continued interest from a variety of investors, Houston’s multifamily market remains competitive, even for newly built properties such as this one,” said Ryan Epstein. “Solid fundamentals that are consolidated within the Spring area of Houston made this property especially attractive, and consistent growth in the surrounding area will also enhance the standard of living for residents of this community.”
Built in 2015, Alexan Auburn Lakes is located at 6000 West Rayford Road. One-, two-, and three-bedroom units offer wood vinyl floors, granite countertops, stainless steel appliances , USB ports, keyless entry system, island kitchens and built-in Blue-Tooth speaker systems. Community amenities include two tropical pools with courtyards, bark park and groom room, and reflection lake and running trail.
Situated a short distance from The Woodlands, the community is ideally located near 21 million square feet of office, research, institutional and industrial space. High-paying centers of employment include Chevron Phillips Chemical, Maersk Line, Halliburton, CHI St. Luke’s Health and Texas Children’s Hospital. Additionally, the fast-growing Springwoods Village is less than four miles southeast, which is home to HP’s new campus and the new Exxon Mobil campus.
Elevation Financial Group, LLC is pleased to announce the disposition of Elevation Real Property Fund IV asset, Serenity Apartments® at Greenville. The 200-unit multifamily community, located near downtown Greenville, South Carolina, was acquired for a purchase price of $9.25 million or $46,250/unit. For Elevation Real Property Fund IV investors, the disposition delivered a project Internal Rate of Return (IRR) of 77.8% and a Multiple of Invested Capital (MOIC) of 6.6x. The transaction was brokered by the South Carolina office of Berkadia Real Estate Advisors, LLC.
Elevation purchased the multifamily apartment community in 2014 for $3.8 million and immediately initiated its Serenity rebranding process. This involved significant capital renovations and upgrades throughout the property, including replacement of all windows and the creation of a new leasing office. Through the strong oversight of Elevation Property Management, the community increased its Net Operating Income by over 320% in only 15 months. With over 2,400 units in the management portfolio, Elevation Property Management manages multifamily apartment communities and senior towers throughout the Southeast United States.
"This 2014 acquisition and 2016 disposition represents the strongest Elevation transaction to date. Remarkably, through the implementation of cost-reducing environmentally sustainable systems, Elevation created such significant value without displacing residents or dramatically raising rents. This property has been properly re-positioned to deliver safe, clean and affordable housing for years into the future and we wish the new owner much success," said Chris King, CEO and President, Elevation Financial Group, LLC.
Elevation Financial Group, through its subsequent fund, continues to own and operate the nearby 419-unit Serenity Apartments at Three Rivers, located in Columbia, South Carolina, as well as the 152-unit Serenity Apartments at Spartanburg, located in Spartanburg, South Carolina.
