Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $35.75 million loan to refinance 829 Garfield, a 110-unit multifamily property with ground floor retail in Jersey City, New Jersey.
Director Michael Basinski, along with Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton secured the financing on behalf of the sponsor, Tay Investments, a private equity real estate firm led by Yuval Shram with investments in North America and Europe.
Berkadia originated the Fannie Mae-secured fixed-rate loan with a five-year term.
“The agencies remain committed to supporting high-quality developments that align with their mission of providing liquidity for affordable workforce housing. The Sponsor delivered an exceptional property, which enabled us to structure optimal financing,” explained Basinski.
Built in 2022 at 829 Garfield Ave., the property is a fully stabilized multifamily community featuring a mix of market-rate and 10% affordable apartments, along with 10,100 square feet of ground floor commercial space. A daycare center occupies approximately 6,100 square feet. 829 Garfield offers two- and three-bedroom floor plans with stainless steel appliances and quartz countertops in kitchens, radiant heated flooring in the bathrooms, walk-in closets, LED lighting, multi-zone heating & cooling units, private patios and expansive windows with direct views of New York City in some units.
“We are proud to deliver a high-quality building that not only meets the growing demand for affordable housing but also enhances the neighborhood. Partnering with the agencies is a testament that you can build a sustainable project at affordable rates and demonstrates our commitment to creating lasting value for residents,” said Yuval Shram.
829 Garfield is centrally located in the heart of Bergen-Lafayette, a half block from the Garfield Avenue Light Rail Station, a quick bike ride to Liberty State Park and just minutes from express transportation directly into New York City. The property is situated near the area's key demand drivers, including the Liberty Science Center, Liberty National Golf Club, Ellis Island Immigration Museum, Downtown Jersey City, and New York City, along with Newark International Airport.
Berkadia, a distinguished leader in the commercial real estate sector, is pleased to announce the successful financing of Hawks Landing, a 144-unit garden style multifamily property located in Hickory, North Carolina. The financing, totaling $18.4 million, was secured through Berkadia’s proprietary lending platform by Managing Director Brian Gould, Senior Director Miles Drinkwalter, and Vice President Pat Cunningham of Berkadia DC Metro.
The acquisition financing was arranged on behalf of the buyer, Maryland-based Klein Enterprises, a distinguished fourth-generation real estate company. Klein Enterprises is a 75-year-old company with nearly 60 assets comprising over 6 million square feet, including 3.5 million square feet of commercial properties and approximately 3,000 Class A multifamily units owned or in development. Klein Enterprises purchased the asset in collaboration with RM Communities, an owner of over 2,700 multifamily units.
"The Klein team approached us with a tight closing timeline of just 29 business days," explained Gould. "Berkadia’s proprietary bridge lending program provided the sponsor with a competitive source of interim short-term financing enabling a swift closing to meet our client’s acquisition timeframe.”
“Given suboptimal performance by prior ownership, the Berkadia PLG financing allows our new ownership team the perfect solution to implement a value-add program, improve property performance and enter into a permanent financing at the optimal time,” added Sean Garland, Klein Enterprises’ Chief Investment Officer. "The Berkadia team offered a flawless execution under a very quick turnaround."
Built in 2018, Hawks Landing, located at 2778 2nd East Street, offers residents convenient access to a variety of amenities and attractions in Hickory. The property is just minutes away from vibrant downtown shops, scenic parks, and Lake Hickory. Residents can enjoy a large swimming pool, a poolside sundeck with ample seating, an outdoor BBQ grilling area, a fully equipped fitness center, a fenced pet park, a spacious clubhouse, and a business center.
Strategically located near major employers such as Frye Regional Medical Center, Catawba Valley Medical Center, Lenoir-Rhyne University, and manufacturing giants like CommScope and Corning, Hawks Landing offers residents’ proximity to key employment hubs. Additionally, the property is just an hour from Charlotte, Asheville, and Winston-Salem, providing convenient access to major employers, international transportation hubs, and professional sporting events, while maintaining the small-town charm of Hickory. Nearby attractions include the trails and lakes of Bakers Mountain Park, Geitner Park, and Lake Hickory.
Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $31.5 million bridge loan on behalf of the sponsor, Midtown Capital, to complete construction of The Astoria, a new 149-unit apartment community in Salt Lake City, Utah. Located in the city’s emerging Fairpark District, where a new Major League Baseball stadium is being planned, the apartment community is slated for completion in the third quarter of 2025.
Managing Director Scott Wadler and Vice President-Originations Patrick Johnson, along with Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton, secured the financing for Midtown Capital, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, and Madrid, Spain. Its $1 billion portfolio includes commercial and residential properties in Florida, Texas, Georgia, Illinois, and Utah.
New York City-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion.
“The Fairpark District is undergoing rapid revitalization following a December vote in favor of upzoning to allow for the development of a major mixed-use development project and, eventually, a new stadium that could lure an MLB franchise to Salt Lake City,” said Wadler. “The Astoria will provide much-needed housing to this centrally located, rapidly growing neighborhood in Salt Lake City.”
Located at 11 N 800 West, The Astoria is a seven-story property featuring a mix of micro units (372 square feet), studios (545 square feet), and one- and two-bedroom apartments (up to 955 square feet). The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to the SLC International Airport, which is currently undergoing a major expansion, the Delta Center, home of the Utah Jazz basketball team, and the heart of Downtown Salt Lake City, just five minutes away.
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.
Berkadia, a distinguished leader in the commercial real estate sector, announced today the refinancing of Advenir at Magnolia, a 272-unit, garden-style multifamily community located in the Fern Park suburb of Orlando, Florida. Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez and Associate Director Shannon Wilson of Berkadia Miami originated a $23.168 million loan on behalf of the sponsor, Advenir@Magnolia LLC.
Berkadia originated, and Freddie Mac purchased, the five-year, fixed-rate loan with an extended interest only period and a 60% loan-to-value ratio.
“Our partnership with Freddie Mac continues to create market-leading options for our clients,” said Foschini. “Once a decision was made not to sell the asset, we were able to provide a timely refinance of this property and return equity to the borrower just ahead of a pending loan maturity.”
Advenir at Magnolia is a two-story, garden-style property located on 13 acres at 210 Welcome Way, approximately 10 miles north of Downtown Orlando. It offers a mix of studio, one- and two-bedroom apartments averaging 800 square feet. Amenities include two resort-style pools, grilling stations, a 24/7 fitness center, business center, a lighted tennis court, two basketball courts and three racquetball courts, and laundry facilities.
Located in the Fern Park suburb of Seminole County, the property is conveniently located near the Casselbery exchange of US-17/92 and FL-436, offering quick access to retail and employment centers in Maitland, Winter Park, and Altamonte Springs, along with Downtown Orlando, which is a 20-minute drive away. It is also just minutes from the Altamonte Mall and AdventHealth Altamonte Springs.
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.
Berkadia, a leader in the commercial real estate industry, announces that its Florida Mortgage Banking platform closed approximately $4 billion in transactions in 2024 – exceeding 2023 production volume by more than a billion. Berkadia Florida’s investment sales platform also closed more than $1.4 billion in multifamily and land transactions across the state.
Last year, the Mortgage Banking team closed $3.96 billion in commercial property loans in 107 transactions throughout Florida and beyond. These included several nine-figure construction loans for landmark condominium developments in South Florida.
Led by Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, Berkadia Florida Mortgage Banking leveraged its longstanding relationships with the GSEs, along with life companies, banks and debt funds, to provide competitive financing for an array of local and national clients.
“Despite debt market volatility and limited product for sale, Berkadia Florida managed to close nearly $4 billion in mortgage originations last year,” said Sinberg. “I credit this to our team’s longstanding relationships with the most prolific developers in Florida, our unique access to diverse capital sources, and the favorable conditions that continue to make Florida an attractive place for investing in residential property.”
Notable transactions from 2024 included:
$400 million construction loan through Madison Realty Capital on behalf of Related Group/BH Group for Six Fisher Island
$328 million construction loan from Bank OZK on behalf of Related Group/GTIS for Baccarat Residences Miami
$97 million construction loan through Goldman Sachs Private Bank on behalf of The Mahaffey Apartment Company for The Carlton at Robinson Gateway near Bradenton
$100 million takeout loan through Churchill Real Estate for The Gardens Residences in North Miami on behalf of Omega Real Estate
Look forward, Sinberg is cautiously optimistic about the multifamily market in 2025. Despite the pressure of higher-for-longer interest rates, inflation and value dislocation, demand for rental housing remains elevated, and deal flow will likely pick up in the second half of 2025 as investors seek to put their capital to work.
Other forecasts for Florida:
- Florida apartment fundamentals remain strong; continued job and population growth, along with high barriers to homeownership, will sustain demand; rent growth, which stagnated last year, will turn positive in most major metros by end of 2025.
- Distressed sales are expected to rise as high-leverage, short-term loans mature on value-add and development projects. “Extend and pretend” will wind down – will see more permanent loan workouts and bridge-to-bridge loans.
- State-level policies like the Live Local Act and new condo reserve rules will continue to reshape the landscape, triggering new developments as well as possible condo buyouts.
Berkadia was recognized as the #1 Freddie Mac Lender by Volume in 2024, making it Freddie Mac’s top partner for the fourth consecutive year, and the #2 Fannie Mae DUS Lender by Volume in 2024. Berkadia delivered $13.45 billion in loans with Freddie Mac and Fannie Mae (“the multifamily GSEs”).
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.
Berkadia, a leader in the commercial real estate industry, announces that it secured a $34.775 million construction loan for The ONE at Montgomery, a new 264-unit, garden-style multifamily development underway in Montgomery, Alabama.
Managing Director Brad Williamson and Vice President Patrick Johnson of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Matt Robbins, secured the financing on behalf of the sponsor, Miami-based One Real Estate Investment (OREI), led by Jeronimo Hirschfeld, Bob Barton, and Thomas Kochak.
Founded in 2001, OREI is an experienced real estate developer, investor, and asset manager with a portfolio of more than 11,500 apartments throughout the Sunbelt.
Synovus Bank provided the floating-rate loan at a 65% loan-to-cost.
“OREI’s demonstrated track record for delivering new communities in Sunbelt markets underpinned by strong white- and blue-collar job growth generated interest from a variety of lenders,” said Williamson. “The capital of Alabama is home to a vibrant and diverse economy composed of military/defense employers, manufacturers, retail wholesalers, and now tech/data centers, all driving the need for new high-quality housing that The ONE at Montgomery will help satisfy.”
"We’re thrilled to have closed this construction loan with our partners at Synovus, as it marks a significant step forward in expanding our development footprint,” said OREI’s Hirschfield. “This project not only strengthens our presence in the Sunbelt but also reinforces our commitment to delivering high-quality developments in high-growth markets."
Berkadia also recently secured financing for OREI to build new communities in Memphis, Tennessee, and Columbia, South Carolina.
Located at 10510 Chantilly Parkway, The ONE at Montgomery will offer a mix of 96 one-bedroom units, 132 two-bedroom units, and 36 three-bedroom units ranging from 827 to 1,254 square feet. Amenities will include a fitness and yoga studio, pool, multiple dog parks, pool cabana and sauna, as well as a state-of-the-art golf simulator. The property is slated to open in mid-2026.
Located in the affluent EastChase neighborhood, The ONE at Montgomery is near The Shoppes at EastChase, a lifestyle center featuring a diverse array of national and local retailers, specialty shops, and popular dining establishments, cinemas, and fitness centers. The property offers easy access to major thoroughfares like I-85 and is just a 20-minute drive from Downtown Montgomery and surrounding areas.
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.
