Berkadia announces it has arranged the $32 million recapitalization of the Promenade at Aloma, a 233-unit multifamily community located in Orlando, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the financing on behalf of Pensam Capital, a multifamily real estate investment firm based in Miami, Fla.
Freddie Mac provided the 10-year, fixed-rate loan, with full term interest only and a loan-to-value ratio of 65 percent.
“The Orlando metro area’s economic rebound produced favorable apartment fundamentals in 2021 which are expected to continue into 2022,” said Foschini. “Freddie Mac recognized these fundamentals and allowed for a loan that returned significant equity to the borrower for the value they had added over time.”
According to Berkadia Research, Orlando likely to see a 5.3 percent year-over-year growth in jobs this year. By the end of 2022, staffing levels in six of the metro’s 10 employment sectors are predicted to be at or above the January 2020 pre-pandemic peak. The desirability of living in Orlando will prompt operators to raise average effective rent a projected 8.2 percent by the fourth quarter of 2022.
Located at 2785 Chaddsford Circle, Promenade at Aloma was built in 1998 and consists of 26 two- and three-story buildings on an 18-acre site. The property offers one-, two- and three-bedroom apartments ranging from 908 square feet to 1,268 square feet. Individual units feature ceiling fans, vinyl plank and carpet flooring, laminated countertops and cabinetry, a breakfast bar, walk-in and linen closets, and select units have built-in shelving and washer and dryers. Community amenities include a resort-style pool and spa, clubhouse with Wi-Fi, a fitness center, tennis court, jogging trail, sand volleyball court and a car care area.
The property is situated in northeast Orlando, just 10 minutes from both the University of Central Florida, one of the largest employers in the area, and Valencia College-East Campus. It is also 10 minutes from Central Florida Research Park and Quadrangle Office Park, East Orlando’s largest concentration of white collar and high-tech employers. Notable employers nearby include Siemens, Boeing Corporation, Cisco Systems Inc., Northrop Grumman, Raytheon Systems, and Rockwell Collins. The property is 30 minutes from Downtown Orlando and Orlando International Airport.
Berkadia announces it has identified and secured a JV equity partner for Legacy Partners to develop Merit, a 296-residence mixed-use community in Lewisville, a suburban market located north of Dallas, Tex. Chinmay Bhatt, Cody Kirkpatrick and Noam Franklin of Berkadia JV Equity & Structured Capital arranged Pondmoon Capital Holdings USA as the equity partner. The real estate investment manager contributed $20.25 million in equity toward the project.
“In today’s challenging cost environment, the capital partner and our client worked collaboratively to get the deal closed,” said Bhatt. “It’s this type of collaborative approach that will help these two groups execute more projects together in the future.”
The community will be located on Interstate 35E, approximately 15 miles equidistant from the two largest office submarkets in the Dallas-Fort Worth Metroplex: Las Colinas and the Upper Tollway, which includes the cities of Frisco and Plano. The community is scheduled to deliver in mid-2023.
“The community’s location really cannot be surpassed,” said Matt Brendel, Senior Managing Director at Legacy. “Future residents will be less than 20 minutes from major employment centers, including Las Colinas, Frisco, and Plano, and only two miles from serene walks, bike rides, fishing, and other outdoor recreation at Lake Lewisville, the largest lake in North Texas. Merit is also within close proximity to historic Old Town Lewisville and the Shops at Highland Village, which offer numerous shopping, entertainment, and dining options.”
“Merit is our fifth project in this region,” said Patrick Chen, CEO of Pondmoon Capital. “We’re particularly thrilled to partner with Legacy Partners on this exciting opportunity that will bring an elevated living experience to an area that has seen a dramatic increase in jobs and demand for apartment living. Rapid job growth and sustainable demand for rental residences are the main drivers for our focus on Sun Belt markets such as Texas and Southern California. We are confident that Merit will be another example of a high-quality residential community to meet market demand, as well as another success for our investors.”
The Lewisville apartment community will feature one-, two-, and three-bedroom layouts ranging from 630 to 1500 square feet appointed with high-speed fiber internet, smart home technology, granite countertops, stainless steel appliances, work-from-home spaces, and private balconies or patios. The 11.1-acre site will also include three small restaurant spaces comprising a total of 2,300 square feet that share a large open-air patio overlooking a spacious public dog park nestled in natural terrain.
Residents will have access to a coworking space with private conference rooms, a resort-style pool, an ultra-modern fitness center, and a convenient smart market that operates 24 hours a day. The pet-friendly community also offers a dog spa, and a gaming courtyard with fire pit, ping pong table, and an outdoor grilling station.
Dallas-based JHP Architecture is the designer for Merit, and the general contractor is Provident General Contractors.
Berkadia announces it has sourced $13.2 million in equity for Capstone Communities to develop The Cottages at Warner Robins, a low-density multifamily development located in the central Georgia town of Warner Robins. The cottage-style community will provide flexible housing options for individuals and families looking to rent in the growing area.
Cody Kirkpatrick, Noam Franklin Chinmay Bhatt of Berkadia JV Equity & Structured Capital arranged the equity placement as part of a larger programmatic partnership between the capital provider – a publicly traded REIT – and Capstone Communities. This is the third project that the capital source and Capstone Communities has partnered on. The other two are The Cottages at Port St. Lucie and The Cottages at Myrtle Beach.
“We are proud to be working with Capstone Communities on their robust pipeline of BFR communities across the Sunbelt,” said Kirkpatrick. “Capstone Communities has a lot of capital available to them in today’s market but Berkadia JV Equity & Structured Capital prides itself on setting up programmatic relationships between experienced developers and institutional equity sources that we know will be good long-term partners.”
Construction on The Cottages, which will sit on approximately 28 acres along the west side of South Houston Lake Road, began in December 2021, with its first units scheduled to be delivered by January 2023 and full completion in July 2023. Developed with a “new urbanism” style featuring sidewalks, pocket parks and open green spaces, this 251-unit community is designed intentionally to create a true sense of place for its residents.
Designed by Birmingham-based Nequette Architecture & Design, The Cottages will offer a mix of one-, two- and three-bedroom cottages including private outdoor yards and patios. Cottages will include nine-to-12-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart home technology package, 24/7 on-call maintenance and optional enclosed garage parking. Neighborhood amenities include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, state-of-the-art fitness center, dog park and valet trash.
The Cottages at Warner Robins is located five miles southwest of Robins Air Force Base, the area’s largest employer with approximately 24,000 civilian, contractor and military member employees. With fewer than 250 family housing units on base, The Cottages at Warner Robins offers a premium housing option for those who choose to live off base but still seek a community-like setting.
Capstone Communities is a Birmingham-based commercial real estate firm specializing in development, management and construction of student and multifamily housing. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, an active and experienced developer for more than 21 years with a portfolio that included 118 communities across 31 states, 58,000 beds and $2.7 billion project costs. Capstone Communities has recently introduced its conventional cottage-style development program to the multifamily sector and is currently under construction on several properties across the Southeast in Alabama, South Carolina, North Carolina and Florida. For more information, visit capstone-communities.com.
Berkadia announces it has sourced $13.2 million in equity for Capstone Communities to develop The Cottages at Warner Robins, a low-density multifamily development located in the central Georgia town of Warner Robins. The cottage-style community will provide flexible housing options for individuals and families looking to rent in the growing area.
Cody Kirkpatrick, Noam Franklin Chinmay Bhatt of Berkadia JV Equity & Structured Capital arranged the equity placement as part of a larger programmatic partnership between the capital provider – a publicly traded REIT – and Capstone Communities. This is the third project that the capital source and Capstone Communities has partnered on. The other two are The Cottages at Port St. Lucie and The Cottages at Myrtle Beach.
“We are proud to be working with Capstone Communities on their robust pipeline of BFR communities across the Sunbelt,” said Kirkpatrick. “Capstone Communities has a lot of capital available to them in today’s market but Berkadia JV Equity & Structured Capital prides itself on setting up programmatic relationships between experienced developers and institutional equity sources that we know will be good long-term partners.”
Construction on The Cottages, which will sit on approximately 28 acres along the west side of South Houston Lake Road, began in December 2021, with its first units scheduled to be delivered by January 2023 and full completion in July 2023. Developed with a “new urbanism” style featuring sidewalks, pocket parks and open green spaces, this 251-unit community is designed intentionally to create a true sense of place for its residents.
Designed by Birmingham-based Nequette Architecture & Design, The Cottages will offer a mix of one-, two- and three-bedroom cottages including private outdoor yards and patios. Cottages will include nine-to-12-foot ceilings, wood-grain flooring, in-unit washers and dryers, a smart home technology package, 24/7 on-call maintenance and optional enclosed garage parking. Neighborhood amenities include courtyards with pavilions and grill stations, a central clubhouse with a resort-style pool, state-of-the-art fitness center, dog park and valet trash.
The Cottages at Warner Robins is located five miles southwest of Robins Air Force Base, the area’s largest employer with approximately 24,000 civilian, contractor and military member employees. With fewer than 250 family housing units on base, The Cottages at Warner Robins offers a premium housing option for those who choose to live off base but still seek a community-like setting.
Capstone Communities is a Birmingham-based commercial real estate firm specializing in development, management and construction of student and multifamily housing. Capstone Communities was formed in January 2012 as part of the restructuring of Capstone Development, an active and experienced developer for more than 21 years with a portfolio that included 118 communities across 31 states, 58,000 beds and $2.7 billion project costs. Capstone Communities has recently introduced its conventional cottage-style development program to the multifamily sector and is currently under construction on several properties across the Southeast in Alabama, South Carolina, North Carolina and Florida. For more information, visit capstone-communities.com.
Berkadia announces it has arranged the sale of West Vue, a 442-unit, brand-new, luxury garden-style apartment community within Orlando’s sought-after and award-winning MetroWest master-planned community. The property is encumbered by a long-term ground lease, a unique concept to multifamily product in Central Florida.
Managing Directors Matt Wilcox and Brett Moss, Associate Director Tyler Swidler, and Senior Managing Director Cole Whitaker of Berkadia Orlando, marketed the property on behalf of the seller, RISE: A Real Estate Company, a multifamily real estate development, management, and construction company based in Jacksonville, FL. A joint venture between Phoenix Realty group and Prospect Capital acquired the property for $97.5 million.
“As West Vue continued along its robust lease-up trajectory, the buyer was presented with the rare opportunity to acquire a stunning asset with unique upside in one of Central Florida's top institutional and most tightly traded submarkets,” said Wilcox. “Given the lack of available development sites left in MetroWest for future multifamily product, West Vue is in a prime position to benefit from years of robust renter demand ahead,” added Moss.
Built in 2021 and located at 5915 Raleigh Street, West Vue offers one-, two- and three-bedroom apartments averaging 759 square feet to 1,369 square feet. Individual apartments feature nine-foot ceilings, wood-plank style flooring, designer pendant lighting, stainless steel energy-efficient appliances, granite countertops, contemporary cabinetry with designer shelving, center island with breakfast bar seating, side-by-side refrigerators, walk-in closets with built-in shelving, walk-in showers, dual vanities, full-sized washer and dryers and spacious balconies and screened-in patios. The gated community with controlled access amenities include two resort-style swimming pools with sun shelves and private cabanas, a 24-hour expansive clubhouse with Wi-Fi, a media and game lounge, rentable private offices and study spaces, a 24-hour fitness center, full yoga studio, expansive courtyards, a dog park, children’s playground and a summer kitchen with grills.
Located within the 1,800-acre community of MetroWest, West Vue benefits from rare suburban walkability to day-to-day retail conveniences including a Walgreens, 24 Hour Fitness, Wawa, and Bravo grocer (under construction), among others. The property is also situated just north of Valencia College’s West Campus and is within a 15-minute drive to popular Orlando destinations including Universal Studios, Downtown Orlando, Walt Disney World, and a host of world-class shopping options at The Mall at Millenia, Orlando International Premium Outlets, and the International Drive entertainment corridor.
7C Equity Group acquired the 432-unit Turtle Pointe Apartments
Berkadia announces it has arranged the sale and financing of Turtle Pointe, a 432-unit garden-style multifamily asset located in Houston, Tex. Senior Managing Director Todd Marix and Chris Curry, along with Managing Directors Jeffrey Skipworth, Joey Rippel and Chris Young and Director Kyle Whitney of Berkadia Houston, marketed the property on behalf of WRH Realty.
7C Equity Group, a local investment group with 30 years combined experience in multifamily, bought the property. Rakesh Bansal and Rajib Batabyal are managing principals of 7C Equity group.
Director Cameron Hart of Berkadia Austin arranged financing for the buyer through Ready Capital.
“Turtle Pointe is ideally located in central Houston between the Galleria/Uptown and Westchase districts,” said Marix. “This highly visible and accessible property offers mostly original interior finishes combined with a Class A amenity package, with below market rents and tremendous value-add potential.”
Located at 8162 Richmond Avenue, Turtle Pointe was built in 1976 and offers studio, one- and two-bedroom floor plans ranging from 576 to 917 square feet. About a quarter of the units are townhome units. Amenities include a resident club room, business center, fitness center, indoor racquetball and basketball courts, three swimming pools, a heated spa, café- style recreation room with bar seating, TV, pool table, foosball table, and shuffle board, an enclosed dog park, reserved and covered parking, and a metro bus stop in front of the community.
The property is located approximately 25 minutes west of downtown Houston.
