Berkadia announces it has arranged the sale and financing of 153 condominium units at Breezes at Palm-Aire, a 288-unit, garden-style residential community located in Pompano Beach, Fla. The buyer was Axonic Properties, LLC managed by Jonathan Shechtman, a New York-based investment advisor. The $25.39 million sale price breaks down to $166,000 per door.

Director Yoav Yuhjtman of Berkadia Boca Raton, along with Senior Managing Directors Roberto Pesant and Jaret Turkell, arranged the sale on behalf of entities controlled by Jorge Garcia-Sarraff and Ruben Garcia-Sarraff. Managing Director Brad Williamson of Berkadia Miami assisted in financing a loan from Key Bank on behalf of Axonic.

 “Berkadia was engaged to market this property to a very select group of experienced fractured condo buyers,” said Yuhjtman. “The outstanding condition of the asset, combined with the property’s central South Florida location between Miami and West Palm Beach, generated ample interest and gives the new owner an opportunity to achieve significant upside on rents following a comprehensive renovation program.”

 “We are excited to expand our footprint in Southeast Florida,” add Jonathan Shechtman, Managing Principal of Axonic Properties.

Built in 1987 and located at 2801 North Course Drive, Pompano Beach, Breezes at Palm-Aire features one- and two-bedroom units ranging in size from 735 square feet to 1,120 square feet, all with in-unit washer and dryer. Amenities include a pool and fitness center. The centrally located property is just five minutes west of I-95 and five minutes east of the Florida Turnpike, directly off West Atlantic Avenue. The property is one hour north of Miami and one hour South of West Palm Beach, in one of South Florida’s largest commercial and retail corridors.

Berkadia announces it has arranged the $68.5 million sale and $36.25 million financing of Veere Apartments, a 250-unit class AA garden style community located in Orlando. Managing Directors Brett Moss and Matthew Wilcox, alongside Associate Director Tyler Swidler of Berkadia Orlando, secured the sale on behalf of Epoch Residential. Managing Director Michael Weinberg and Associate Directors Wesley Moczul and Alec Fox of Berkadia Orlando arranged the financing on behalf of the buyer, Blackfish Investments.

Nationwide Life Insurance Company originated the 10-year, fixed rate loan with full term IO.

“Despite the pandemic-related headwinds and Orlando’s perceived exposure to tourism and hospitality, the Veere process was extremely competitive and garnered significant interest from a diverse range of investors looking to capitalize on Orlando’s robust growth trajectory and strengthening market fundamentals,” said Moss. “The combination of Veere’s remarkable asset quality and highly sought-after Tourist Corridor location uniquely position the property to provide significant long-term value,” added Wilcox.

“The borrower had significant 1031 equity to put to work, so we structured a low leverage loan at a coupon of around 3% with full term I/O,” added Weinberg. “It was a smooth execution by Nationwide, one of Berkadia’s top correspondent life companies, and the borrower side, as well.”

“As a buyer, we were very impressed and pleased with Berkadia’s communication and responsiveness. The sale/purchase process and the acquisition of debt was seamless, and we couldn’t have been more pleased,” said Dave Freeman, founder of Blackfish Investments.

Built in 2020 by Winter Park-based developer Epoch Residential, Veere is located at 10000 Palma Linda Way. One-, two- and three-bedroom units include stainless steel appliances, contemporary cabinetry, granite countertops, wood-plank style flooring, walk-in closets, USB charging ports and electronic keyless entry. Community amenities feature a two-story clubhouse with complimentary Wi-Fi, a resort-style pool, Luxer One package system, a two-story fitness center, resident library with work spaces and a gated dog park with indoor pet spa.

Situated in Orlando’s renowned Tourist Corridor submarket, the community is about 15 minutes away from world-famous attractions including Walt Disney World, Universal Orlando, and SeaWorld. Additional major employers in the area include Lockheed Martin, Marriott Vacations Worldwide, Wyndham Destinations, Orlando Health, and AdventHealth, among others.

Veere will also benefit from the upcoming $1B mixed-use O-Town West project by Unicorp National Developments. Featuring office, retail, medical, hotel and residential uses, the development is located immediately north of Veere and introduces a host of day-to-day conveniences and amenities within walking distance of the community.

Berkadia announces it has arranged the sale and financing of Arbour Court, a 75-unit garden-style apartment community located in Burien, a suburb of Seattle, Wash. The property traded for $19.1 million.

Senior Managing Director Kenny Dudunakis and Senior Directors Ben Johnson and David Sorensen of Berkadia Seattle arranged the sale on behalf of the seller, Kuhar Bay Club LLC.  

Managing Director Robert Doxsee and Associate Director Michael Manolides of Berkadia Seattle, and Managing Director Brad Williamson of Berkadia Miami, arranged financing for the buyer, a private group of local investors. Berkadia secured a $15 million loan through New York-based Ready Capital.

“Arbour Court is an attractive property that is poised to take advantage of a rapidly growing South Seattle submarket and offers the new owner significant upside through a future value-add program. We believe this was a very successful result for the buyer and seller alike,” said Sorensen.

“Our client wanted flexible terms that would allow them to not only acquire, but also significantly improve the asset.  We were able to secure competitive financing that gave them both a flexible 4-year structure with full term interest-only, as well as provide funding for 100% of future CapEx,” said Doxsee.  

Built in 1990 and located 2225 S 112th St, Arbour Court offers one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,030 square feet. Units feature gourmet kitchens, fireplaces, large walk-in closets and in-unit washer and dryer. Shared community amenities include an indoor pool, sauna, and fitness center.

Arbour Court is ideally located just 30 minutes south of Seattle, with access to all major freeways including I-5, I-405, I-18, and I-167. It is also just a short drive from the light rail, SeaTac Airport, and Southcenter Mall.

Berkadia announces it has arranged $50.25 million in debt and equity financing for the development of Belmont Tampa Apartments, a 300-unit, Class A, garden-style apartment community to be built on the final undeveloped parcel in Belmont, a mixed-use master-planned community located approximately 30 minutes south of Tampa.  

Managing Director Scott Wadler of Berkadia Miami and Senior Director Wyatt Krapf of Berkadia Tampa structured the capital stack on behalf of the sponsor, a joint venture between Cross Lake Partners of New York City and GreenPointe Holdings of Jacksonville, Fla. Synovus Bank provided a $33.1 senior loan. Federal Capital Partners, out of Chevy Chase, Maryland, provided $17.15 million in preferred equity.

Ranked as one of the most active communities in south Hillsborough County, Belmont is entitled for up to 2,260 residential units including over 1,200 homes and townhomes already sold by Lennar, another 160 Lennar townhomes under construction, and a 150,000-square-foot Publix-anchored grocery store. Belmont Tampa Apartments are expected to deliver in the spring of 2023.

“With Tampa’s urban core and waterfront areas already built out, new development is shifting eastward toward Brandon and Riverview,” said Wadler. “These suburban enclaves like Belmont offer residents outstanding amenities and convenient access to employment centers at a more affordable cost of living.”

Added Krapf, “While Florida as a whole has seen a massive influx of new residents this past year, Hillsborough County was already experiencing a surging population – it had the 4th highest net migration in Florida between 2010 and 2018 – and it is well positioned to continue to capture more new homebuyers and renters as Florida’s population continues to grow.”   

Located at 14323 S US Hwy-301, Belmont Tampa Apartments will consist of 12 three-story residential buildings on a 15.51-acre site, along with one central leasing building/clubhouse. The community will offer one-, two- and three-bedroom floor plans averaging 1,107 square feet. Community amenities include a resort-style pool, dog park, 24-hour state-of-the-art gym, as well as trails and active open spaces. It will also be within walking distance of the new Publix and Belmont Elementary School.

Berkadia announces it has arranged $54.112 million in construction financing for Gateway at Charlotte Park, a new 284-unit market-rate apartment community in Charlotte, North Carolina. Senior Managing Director James Tanner III of Berkadia’s Raleigh office along with Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office secured the financing on behalf of a JV between Miami-based Coral Reef Investment Properties and Greensboro, North Carolina-based Brown Investment Properties.

The Department of Housing and Urban Development originated the 40-year, fixed rate loan at an 85% LTC.

“Charlotte’s diverse economy and quality of life have created one of the most in-demand housing markets in the country,” said Tanner. “As the most populated city in North Carolina, a state that remains one of the fastest growing in the nation, the need for new multifamily housing at market rates is clear. With demand expected to continue, an asset like Gateway at Charlotte Park may see lease-up translate into a successful hold period for the investors.”

“The collaboration among producers in our firm is an extraordinary aspect of working with Berkadia,” added Foschini. “Several years ago when our client, principally a commercial investor approached us about a multifamily development out of state, we knew they would be best served with a team expanding our Miami capabilities. We did not have to look far. Berkadia has among the most talented HUD production teams in the country, and that was evident in this results driven transaction. Working with Jim, we achieved a loan that exceeded not only our client’s expectations, but our own.”

Located at 4551 Charlotte Park Drive, Gateway at Charlotte Park will feature studios, one-, two- and three-bedroom units throughout two 4-story elevator served buildings. Amenities will include Energy Star appliances, granite countertops and washer/dryer appliances, with designated accessible units that will have lowered countertops and workspaces. Community amenities will include a clubhouse, business Center, conference room, coffee bar, package center, fitness center and swimming pool.

The pet friendly community will be situated with proximity to both Billy Graham Parkway, Tryon Street and Interstate Highway 77, affording excellent access to greater Charlotte and the surrounding areas.

Greensboro-based KMW Builders, LLC will be the contractor, with Charlotte-based Housing Studio, PA serving as the architect.

Berkadia announces it has arranged $27.54 million in financing for the acquisition of Melvin Park Apartments, a 263-unit community in Catonsville, Maryland. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office secured the financing on behalf of a JV between GMF Capital and Limitless Management.

Berkadia originated and Freddie Mac purchased a 10-year, floating rate loan with five years IO.

“Baltimore’s growing population, proximity to a variety of public and private sector employers and low cost of living relative to other cities in the region have demonstrated multifamily fundamentals that allow it to compete with markets in the nearby Sunbelt,” said Sinberg. “These factors, coupled with interest rates remaining low, offered a clear opportunity for a successful value-add play in a well-established market.”

Built in 1951, Melvin Park Apartments is located at 351 Suter Road. Two-bedroom units include hardwood floors, stainless steel appliances, walk-in closets and a dishwasher. Community amenities feature two playgrounds, a picnic/BBQ area, large grass courtyards and laundry facilities.

Located in the Baltimore suburb of Catonsville, the community is found near numerous transit routes, higher learning and retail options. Baltimore National Pike and the Baltimore Freeway are each less than five minutes away, providing direct access throughout the greater Baltimore and Washington, DC areas. University of Maryland, Baltimore County is less than 10 minutes from the community, with Westview Mall nearby the property at just under five minutes away.