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.
Berkadia, a leader in the commercial real estate industry, announces that it secured a $65 million bridge loan to refinance The Orchard at Portofino Vineyards, a newly built 264-unit, garden-style multifamily property located in Fort Myers, Florida. Managing Director Brad Williamson and Vice President of Originations Kyle Ryan of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Matt Robbins, secured the loan on behalf of the owner, Prime Group of Hollywood, Florida, which has a real estate portfolio valued at $1.9 billion.
The transaction closed on February 19, 2025. The Orchard at Portofino Vineyards received their final TCOs in January 2025 and is now over 28% leased.
MF1, the lender, provided the two-year, floating-rate loan, the proceeds of which will pay off a $49.5 million construction loan.
“This opportunity generated significant interest from lenders due to the well-heeled sponsorship and the subject property’s location within a submarket with limited new supply and strong demand drivers,” explained Williamson. "Fort Myers was ranked the No. 1 fastest-growing city in 2024-2025 by U.S. News & World Report, and over the next five years, the population in the immediate area is projected to grow by 10%.”
“We're thrilled with the successful completion of the second phase of our multifamily development project in Fort Myers,” added Larry Abbo, CEO of Prime Group. “As the city continues to grow and attract a vibrant mix of young professionals and top talent, we're committed to supporting this evolution. By delivering a best-in-class product, we're catering to the evolving needs of today’s tenants. With plans to build a community that includes townhomes and single-family residences, we're focused on meeting the increasing demands of our residents and creating a space that fosters both growth and connection.”
Built in 2024 and located at 9920 Portofino Vineyards Drive, The Orchard at Portofino Vineyards is Phase II of a three-phase, 70-acre master-planned community developed by Prime Group featuring garden apartments, townhomes and single-family residences for rent. Phase I, The Grove at Portofino Vinyards, was completed in 2020 and consists of 312 garden-style apartments. Phase III, The Woodlands at Portofino Vineyards, will feature 202 townhomes and single-family homes for rent, with an expected delivery date of mid-2025.
As the second apartment property in the community, The Orchard at Portofino Vineyards will offer a more upscale residential option for renters, with high-end finishes and luxurious amenities. Located on 13 acres, the property consists of 12 three-story residential buildings offering one-, two- and three-bedroom units ranging from 821 to 1,398 square feet. The gated community offers a range of high-end amenities, including a lakefront clubhouse and pool, 24-hour fitness center, coffee bar lounge, BBQ area, dog park, dog wash station, electric vehicle charging stations, a car wash station, and abundant parking with carports. On-site management, valet trash service, and storage units are also available.
Conveniently located off Interstate 75, the property is just five minutes from the Florida Gulf Coast University campus, and near major employers like Hertz Global Headquarters, the Southwest Florida International Airport, Gartner Technology's South Campus, Chico's FAS Headquarters, NeoGenomics Laboratories Headquarters, and two brand-new medical facilities for Lee Health and HCA Healthcare.
Berkadia announced today the sale and financing of The River Lofts at Tobacco Row, a five-property portfolio featuring loft and townhouse-style residences comprising 742 units in Richmond, Virginia. This landmark transaction stands as the most significant real estate sale in Richmond this year, setting a new benchmark for the market. Berkadia’s DC Metro, Norfolk, and Richmond offices spearheaded the sales efforts, while the Philadelphia office led the financing efforts. Full deal participants are listed below.
The buyer was Boston-based West Shore. The deal closed on December 11.
“Closing this multimillion-dollar deal for historical multifamily properties in Richmond's prime urban area was a testament to the dedication and collaboration of both the buyer and seller,” said Senior Managing Director Drew White of Berkadia DC Metro. “Their commitment to preserving the city's rich heritage while investing in its future made this transaction truly rewarding.”
The River Lofts at Tobacco Row consists of five prime value-add multifamily properties in Richmond, Virginia’s storied Shockoe Bottom area:
· Cameron Kinney – 259 units located at 2400 E Carey Street.
· American Cigar Lofts – 174 units located at 2302 E Carey Street.
· Consolidated Carolina Lofts – 166 units located at 2220 E Cary Street.
· Lucky Strike Lofts – 131 units located at 2600 E Carey Street.
· Cutters Ridge Townhomes – 12 units located at 2605-2627 E Main Street.
The River Lofts at Tobacco Row boasts a prime location in one of Richmond’s most historically significant and desirable neighborhoods. Renowned for its charming herringbone brick sidewalks, the area offers an array of upscale dining, shopping, and entertainment options. Designed to embody the live-work-play lifestyle, these properties are perfectly suited for young professionals.
The properties offer unique architectural touches with highlights including exposed brick walls, wooden beams, and other exquisite features that appeal to the urban resident. Four of the five properties - Cameron Kinney, American Cigar, Consolidated Carolina, and Lucky Strike Lofts - are historic readaptations of their original warehouse uses that were converted between 1991 and 2008.
The sales effort was led by Senior Managing Director Drew White, Managing Director Carter Wood, and Director Cole Carns, while the financing efforts were expertly directed by Senior Managing Director Robert Falese, Associate Director Jake Adoni, and Senior Real Estate Analyst Kris Kadar.
One Real Estate Investment is building “The One at Hope Mills” in Fayetteville
Berkadia has arranged senior construction financing for The One at Hope Mills, a 360-unit garden-style multifamily development in the rapidly expanding Fayetteville, North Carolina market.
Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson, Scott Wadler and Matt Robbins of Berkadia South Florida secured acquisition financing on behalf of the sponsor, One Real Estate Investment (OREI), a real estate investment and management firm based in Miami, Florida.
City National Bank of Florida with Abanca provided the $47 million floating rate construction loan for the project. Construction will begin in the third quarter of this year and the property is scheduled for completion in the second half of 2024.
Founded in 2001 by Jeronimo Hirschfeld, OREI is a leading multifamily investment firm with a portfolio of garden-style apartment communities valued at more than $1.5 billion in several high-growth markets across the Sun Belt. In 2022, OREI broke ground on over 800 units and has over 1,500 units in planning for 2023.
“The Sponsor’s investment thesis is driven by the favorable rental market in Fayetteville, which experienced 16.8 percent year-over-year rent growth, while the vacancy rate has compressed due to limited supply and a strong job growth,” said Williamson. “Hope Mills is being transformed by the southwest expansion of the I-295 Outer Loop, providing commuters with quicker access to Fayetteville and Fort Bragg while enabling the emergence of area’s logistics corridor.”
Located 3680 Elk Road, The One at Hope Mills will consist of 11 three-story buildings and a clubhouse on a 46-acre site approximately six miles southwest of downtown Fayetteville and three miles west of Fayetteville Regional Airport. The property will feature a mix of one-, two-, and three-bedroom floor plans with best-in-class amenities.
Community amenities will include a resort-style pool, an outdoor cabana with TV’s, a game room with billiards and shuffleboard, and a state-of-the-art fitness center amongst many others.
The One at Hope Mills benefits from its proximity to several retailers including the high-end grocer Harris Teeter and the area’s main retail corridor, N Main Street. The property also will benefit from the expansion of I-295 Outer Loop, which will provide excellent interstate connectivity for the region and a direct connection from Fort Bragg to I-95 south of the city.
“We’re thrilled to present our second residential development in the Fayetteville metro area,” stated Jeronimo Hirschfeld, President and CEO of OREI. "This project represents a unique and very exciting opportunity that capitalizes on continued growth in the market. We look forward to expanding our presence throughout the Southeast region with additional development opportunities in high growth markets with strong fundamentals.”
Berkley Hall Companies is the general contractor, BSB Design is the architect, and Site Design Inc. is the civil engineer for The One at Hope Mills.
ORLANDO – Berkadia announces it has arranged the refinancing of Holiday Inn & Suites Orlando SW – Celebration Area, a 444-key, full-service hotel in Kissimmee, Fla. Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Hotels & Hospitality secured the financing on behalf of the owner Palm Holdings, a hotel management and development company based in Toronto, ON.
Palm Holdings is an award-winning, family-owned group of companies that have been recognized as an industry leader in the hospitality and real estate sector with a portfoliothat consists of 20 hotels containing 3,200 keys, including 4 hotels comprising nearly 1,000 keys in the state of Florida. Palm Holdings purchased Holiday Inn & Suites Orlando SW- Celebration Area in 2017, and have since spent over $6 million on renovations, including half of the hotel keys, new elevators and refreshed common areas.
Orlando-based One Florida Bank provided the five-year term loan.
“We’ve had a longstanding relationship with Palm Holdings and the Taneja family, having advised them on a number of sales and financings domestically,” said Weinberg. ”The Orlando hospitality market’s strong recovery, showing RevPAR metrics well in excess of 2019 numbers, was a key consideration in capturing lender interest.”
Built in 1984 and renovated in 2019, the Holiday Inn & Suites Orlando SW – Celebration Area Hotel is located at 5711 West Irlo Bronson Memorial Highway. Hotel amenities include daily housekeeping, outdoor pools, a game room, the Trattoria Café, a fitness center, meeting facilities, Wi-fi and on-site parking. The hotel is proximate to many of Orlando’s lodging demand drivers including Walt Disney World Resort, Universal Studios Resort and the Orange County Convention Center.
Berkadia's Hotel & Hospitality team continues its streak of transactions in the Orlando market with the refinance of Holiday Inn & Suites. This recent achievement follows the team's Q4 2022 sale and financing of the Castle Hotel, Autograph Collection - a 213-key boutique hotel located on International Drive.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
Prose Concord, was completed in 2022, and is located in close proximity to Atlanta
Jefferson, GA – Berkadia announces it has secured the $45 million loan for the acquisition of Prose Concord, a 300-unit multifamily community in Jefferson, Georgia. Managing Director Scott Wadler, Senior Director Matt Nihan, and Senior Managing Director Mitch Sinberg arranged the financing on behalf of the buyer, an affiliate of Beacon Real Estate Group, a commercial real estate firm based in Coral Gables, Florida.
Freddie Mac provided the 10-year term loan, with five years of interest-only, and a fixed interest rate.
“Prose Concord is a well-constructed, new vintage asset in a high growth submarket,” said Wadler. “We were primed to lock in attractive leverage and fixed-rate pricing for Beacon, relative to where interest rates had been at the beginning of 2023.”
Located at 575 Concord Road, Prose Concord was built in 2022 and offers one- and two-bedroom apartments that range from 836 square feet to 1,188 square feet. Individual units feature modern stainless steel appliances, kitchen islands, custom cabinetry with granite countertops, washers and dryers, wood-style flooring, walk-in closets and kitchen and linen pantries. Community amenities include a resort-style pool, a clubroom with a catering kitchen and an entertainment lounge, a business center with coworking spaces, landscaped courtyards, a concierge package locker system, a fitness center, an oversized pet park and Wi-Fi throughout social spaces.
Located within an hour’s drive from Metro Atlanta and 30 minutes from Athens, Prose Concord provides quick access to the I-85 corridor, numerous employment destinations, the University of Georgia and the North Jefferson Business Park.
