Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $17.8 million loan on behalf of Rental Asset Management (RAM) to refinance RAM Miami River North – a 96-unit apartment community located in the Little Havana section of Miami, Florida.
Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, and Vice President Hugo Hernandez of Berkadia Miami and Boca Raton secured the financing on behalf of RAM, an Oakland Park, Florida-based multifamily owner/operator that acquired the property in 2022. Berkadia also arranged the original acquisition loan then through Amerant.
The five-year, fixed-rate Fannie Mae loan offers a three-year interest-only period and a 35-year amortization schedule.
“Almost three-quarters of the units at RAM Miami River North offered rents at 120% of the area median income, allowing it to qualify for Fannie Mae’s affordability program, which offers competitive pricing and amortization,” explained Robbins.
Located at 590 West Flagler Street, RAM Miami River North was built in 2022 and includes one- and two-bedroom units averaging 650 square feet. Amenities include a pool, fitness center, and package service center. It is located close to Marlins Park, Brickell, Downtown Miami, Coconut Grove, and Coral Gables, and just 20 minutes from Miami Beach and 10 minutes from Miami International Airport.
Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $17.8 million loan on behalf of Rental Asset Management (RAM) to refinance RAM Miami River North – a 96-unit apartment community located in the Little Havana section of Miami, Florida.
Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, and Vice President Hugo Hernandez of Berkadia Miami and Boca Raton secured the financing on behalf of RAM, an Oakland Park, Florida-based multifamily owner/operator that acquired the property in 2022. Berkadia also arranged the original acquisition loan then through Amerant.
The five-year, fixed-rate Fannie Mae loan offers a three-year interest-only period and a 35-year amortization schedule.
“Almost three-quarters of the units at RAM Miami River North offered rents at 120% of the area median income, allowing it to qualify for Fannie Mae’s affordability program, which offers competitive pricing and amortization,” explained Robbins.
Located at 590 West Flagler Street, RAM Miami River North was built in 2022 and includes one- and two-bedroom units averaging 650 square feet. Amenities include a pool, fitness center, and package service center. It is located close to Marlins Park, Brickell, Downtown Miami, Coconut Grove, and Coral Gables, and just 20 minutes from Miami Beach and 10 minutes from Miami International Airport.
Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged a $15.4 million loan to refinance Pure St. Peters, a 143-unit multifamily community located in St. Peters, a suburb northwest of St. Louis, Missouri.
Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor Tilden Legacy Pure St. Peters Apartments, LLC.
Berkadia originated the Freddie Mac-backed five-year, fixed-rate loan. The property was 94% occupied at the time of closing.
“Our relationship with Freddie Mac continues to be a valued component of our client’s business and has allowed them to grow their investment portfolio through diverse markets nationally,” explained Foschini.
Located at 2100 Pure Street, Pure St. Peters is a three-story multifamily property built in 2019 that offers one- and two-bedroom apartments with open concept layouts, designer kitchens and upscale finishes. Amenities at the pet-friendly community include a pool with sundeck, state-of-the-art fitness center, package receiving area, business center and outdoor lounge, and professional onsite management.
Pure St. Peters offers easy access to I-70, walkability to shops and restaurants and convenient access to major employers like Barnes-Jewish St. Peters Hospital and Amazon. The property is approximately 40 minutes from downtown St. Louis, Missouri.
Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged a $61.26 million loan for construction of The Yard at Brookhaven, a new 293,000-square foot mixed-use residential community near downtown Orlando, Florida.
Managing Director Marc Sumner of Berkadia Orlando arranged the financing on behalf of Real Estate Inverlad Development (REID), an integrated firm focused on real estate development, investment, land and debt acquisition, and property management based throughout North & South America.
City National Bank provided a three-year, adjustable-rate loan. The deal closed on September 2nd. Construction commenced in March.
“City National Bank recognized the quality of the Sponsors and its track record in Florida, as well as the incredible ongoing demand for rental housing in Orlandogiven the strong underlying population and job growth fundamentals,” said Sumner.
Located on approximately four acres at the intersection of Brookhaven Drive and Virginia Drive in the popular Lake Ivanhoe/Lake Formosa section of Orlando, The Yard at Brookhaven will be a seven-story building with 265 residential units and a 500-space parking garage, and approximately 19,000-square-feet of commercial space. As part of the development, the sponsor built a new Hideaway restaurant adjacent to a park dedicated to the city. Catalyst Design Group developed the streetscape and typical sections for the surrounding streets which included parallel parking, a multi‐use trail, and wide sidewalks for outdoor dining. Other amenities include a small ground‐level dog park as well as a seventh-floor pool amenity deck with views to downtown Orlando three miles away.
REID has a total development and investment portfolio of more than $1 billion and nearly 4.48 million square feet of condominiums, apartments, offices, retail, and mixed-use developments in Orlando, New York, South Florida and Buenos Aires. Other projects in Orlando include the Yard at Ivanhoe, Ferris Brownstones and 101 S. Eola.
Berkadia, a distinguished leader in the commercial real estate sector, announced today the successful refinancing of Meridian at Eisenhower, a 369-unit residential high-rise and 10,000 square feet of commercial space located in Alexandria, Virginia.
Senior Managing Director Patrick McGlohn and Vice President Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Managing Director Brian Gould, Senior Director Hunter Wood, and Associate Director Natalie Hershey. They originated an $84.125 million loan on behalf of an affiliate of the sponsor, Paradigm Development Company, LLC. The property was 93% occupied at the time of closing.
The 10-year loan proceeds will be used to retire the existing first mortgage while also returning equity to the sponsor for reinvestment in the property.
“Meridian at Eisenhower Station is a premier community in a thriving submarket,” said McGlohn. “We were pleased to help Paradigm capitalize on favorable market conditions to both refinance and position the property for its next phase of growth. The financing structure provides long-term stability while allowing the sponsor to reinvest in renovations that will enhance the resident experience.”
Located at 2351 Eisenhower Avenue, Meridian at Eisenhower Station was built in 2007 and offers studio, one- and two-bedroom floor plans ranging from 605 to 1,220 square feet. Units feature 10-foot ceilings, glass-enclosed sunrooms, and expansive views. Community amenities include a rooftop swimming pool and sundeck, fitness center with cardio theater, top-floor clubroom with billiards, a landscaped courtyard and grill area, storage units, package service, and 444 parking spaces.
The property also includes three street-level retail spaces totaling 10,200 square feet, with tenants such as Orangetheory Fitness and Xfinity. Fifteen units are designated affordable housing at 60% AMI, with the 20-year affordability period expiring in 2027.
Ideally situated across from the Eisenhower Avenue Metro station, the property is adjacent to a 22-screen movie theater and within walking distance of two major grocery stores and Old Town Alexandria. It also offers convenient access to I-395, I-95, and I-495.
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 announces that it arranged a $57 million pre-TCO loan to refinance the existing construction loan on Astor Sound at Lake Worth, a 230-unit, garden-style apartment community in Lake Worth, Florida that is nearing completion.
Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, and Vice President Patrick Johnson secured the financing on behalf of the sponsor, Midtown Capital Partners, a vertically integrated real estate investment advisor, operator and developer with a diverse portfolio of investments in the U.S. and Spain.
Infinity Collective provided a two-year loan with the option for a 6-month extension. The deal closed on September 19.
“The sponsor sought a new lender to provide bridge financing through completion and lease-up for Astor Sound at Lake Worth,” said Wadler. “The property is now close to completion and poised to benefit from an outstanding location in central Palm Beach County where demand for high-quality rental housing continues to swell.”
Located at 2201 Tenth Avenue, Astor Sound at Lake Worth consists of four two- to-five-story buildings and a clubhouse on a 6.5-acre site next to a canal. One-, two-, and three-bedroom floor plans range from 715 to 1,160 square feet and offers stylish modern interiors including chef-inspired kitchens with center islands, quartz countertops, luxury flooring, full-size front-loading smart washer/dryer, oversized walk-in closets, and more. Community amenities include a resort-style pool and pavilion with summer kitchen, fitness center, outdoor entertainment area, dog park/spa, resident co-working lounge, coffee bar, game room, conference room and outdoor trail.
Situated just minutes from downtown Lake Worth, the property offers convenient access to I-95 and other major thoroughfares, along with the beaches. The property and is 2 miles from Palm Beach State College ,3 miles from HCA Florida JFK Medical Center, 8 miles from downtown West Palm Beach and Palm Beach International Airport, and within minutes of golf courses, recreational amenities, and an abundance of shopping and dining.
Founded in 2010, Midtown Capital partners is an SEC-registered investment advisor and vertically integrated real estate firm with offices in Miami, West Palm Beach and Madrid. The company’s management team has over 80 years of global real estate expertise and oversees a portfolio of $1 billion in assets across 22 investment vehicles with more than 200 investors in the U.S. and Spain.
