Mansfield, TX – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Advenir at Mansfield, a 334-unit garden-style apartment community located in Mansfield. The property will undergo $1,528,190 in improvements and will be the firm’s 19th acquisition in Texas and their second in the Dallas-Fort Worth metro area.
American Landmark, and its debt and equity partner Electra America, are selectively acquiring value-add properties in strategic locations across the Southeast and Southwest. The firm, whose property portfolio currently consists of approximately 23,000 apartments in five states, expects to complete $1.5 billion in multifamily acquisitions in 2018. All of its newly acquired properties are upgraded and modernized, providing many of the amenities today’s renters desire most.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia South Florida, along with Senior Managing Director Bob Falese and Senior Director Matt Cullison of Berkadia’s Philadelphia office, arranged the loan on behalf of American Landmark.
“The Dallas-Fort Worth area has always been an attractive market, more so with its economy expanding and record low unemployment. These fundamentals are conducive to continued demand,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We are capitalizing on the inherent suburbanization of the DFW MSA facilitated by the recent completion and opening of State Highway 360, providing quick access to downtown employment centers while nestled in Mansfield’s local amenities and attractions.”
American Landmark plans to make improvements to unit interiors and community amenities, including new kitchen backsplashes, plank flooring, and lighting fixture upgrades in bathrooms. Community amenities include fresh breezeway paint, improvements to the clubhouse, fitness center, and swimming pool, as well as the introduction of a mail package system.
Built in 2010, Advenir at Mansfield is located at 370 North State Highway 360. One-, two-, and three-bedroom units include walk-in closets, washer/dryer, and balcony/patio. Community amenities include billiard room, business center with Wi-Fi, pet park, poolside bar with grill station, resort style pool, grill area, and tot lot.
The property is located near important transit routes and employment hubs, including Texas 360 and East Broad Street which are less than five minutes away. Mansfield Sports Complex and Vernon Newsom Stadium are also less than five minutes away, and Methodist Mansfield Medical Center is less than 10 minutes away.
Boynton Beach, Fla. – Berkadia announces it has arranged $29 million in acquisition financing for Verona at Boynton Beach, a 216-unit multifamily asset formerly known as Aventine. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia South Florida, along with Senior Analyst Wesley Moczul of Berkadia’s Orlando office, arranged the loan on behalf of Robbins Property Associates, a real estate investment and development firm based in Tampa and Boston.
Freddie Mac originated the 10-year Green Loan with a competitive floating rate spread over LIBOR, and seven years of interest only.
“Boynton Beach has become an attractive investment point that reflects the competitive atmosphere of South Florida’s multifamily market,” said Matt Robbins. “Even as interest rates continue to rise, investors are looking for opportunities where they can capitalize on consistent demand for rentals, notably in large metropolitan areas.”
Built in 2002, Verona at Boynton Beach is located at 1575 SW Eighth Street. One-, two- and three-bedroom units offer nine-foot ceilings with elegant crown molding, black stainless-steel appliances, wood plank flooring, granite countertops, and large walk-in closets. Community amenities include a BBQ/picnic area, cardio room, conference room, putting green, business center, and clubhouse.
Situated near the Leisureville neighborhood of Boynton Beach, Verona is found near important transit routes and various retail, dining, and entertainment centers. The community is located less than five minutes away from Interstate 95, and is approximately five minutes away from Boynton Beach Mall, Boynton Town Center, and Cinemark 14 theaters.
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Gainesville, Fla. – Berkadia announces it has arranged $15.5 million in acquisition financing for Aviara, a 242-unit multifamily asset in Gainesville, Florida. Berkadia South Florida’s Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of Beachwold Residential, a real estate investment firm based in New York City, along with John Reed of Berkadia’s Richmond, Virginia office. Berkadia’s Jacksonville-based Investment Sales team led by Greg Rainey arranged the sale of the property.
Bank United originated the five-year term loan with a 75 percent loan-to-cost.
“Gainesville’s consistent apartment demand continually attracts investors that seek areas with proven fundamentals, including robust employment figures and a steady stream of residents,” said Foschini. “Demand drivers such as the University of Florida, Malcolm Randall VA Medical Center and UF Health – Shands Hospital create compelling investment opportunities in the area.”
Built in 1972, Aviara is located at 205 SE 16 Avenue. One-, two-, and three-bedroom units offer new high-end cherry finish cabinets, granite countertops, stainless-steel appliances, walk-in closets, and private entries. Community amenities include two outdoor swimming pools with expansive pool decks, clubhouse, business center, fitness center, cyber café with Wi-Fi, tennis court, sand volleyball court, and a playground.
Aviara is situated near important transit routes and employment hubs, including Downtown Gainesville and University of Florida. Interstate 75 and Downtown Gainesville are less than 10 minutes away, and University of Florida is only five minutes away.
Berkadia announces it has arranged a $20.261 million refinance loan for Southgate Landing, a 256-unit apartment community in Louisville, Kentucky. Berkadia South Florida’s Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of CAPREIT.
Freddie Mac originated the floating rate, interest-only loan with a seven-year term. The LTV is 69 percent.
“Louisville has demonstrated considerable factors for solid investment in the city’s rising multifamily market, including the addition of 2,600 jobs over the past 12 months that have led to a 30 bps increase in the occupancy rate,” said Foschini. “The net absorption rate has more than doubled year over year, advancing market rents in an MSA that will continue to see growth from corporate investment in the trade, transportation, and utilities sectors.”
Built by Poe Companies in 2001, Southgate Landing is one of the premier assets in Louisville. This 256- unit complex boasts nine-foot ceilings and beautiful exteriors of brick with painted wood and vinyl. The community combines unique floor plans offering gourmet kitchens, walk-in closets, and spacious lofts with modern-day amenities including a state-of-the art fitness center, swimming pool, detached garages, and storage units.
Situated on 10960 Southgate Manor Drive, the community is located near important transit routes and employment hubs. Ford, GE Appliances, and UPS are within six miles of Southgate Landing, and the asset is less than two minutes away from Preston Highway.
Boynton Beach, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired High Ridge Landing, a new 184-unit multifamily property in Boynton Beach, Florida.
Along with Electra America, its debt and equity partner, American Landmark plans to close $1.5 billion in multifamily deals in 2018 throughout the Southeast. This is their third multifamily acquisition so far this year. In South Florida, they also own and operate Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.
The financing for the deal was arranged by Berkadia's Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison, and Wes Moczul.
"We privately negotiated a very attractive price point for this well-located, Class A asset,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “We have great confidence in central Palm Beach County’s growing job base, increased tourism and exceptional quality of life, and are thrilled to be a part of Boynton’s revitalization."
The firm will spend $500,000 on additional upgrades, including improvements to the upscale clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.
High Ridge Landing, built in 2017, is located at 3609 High Ridge Way in Boynton Beach. Units range from one to three bedrooms, featuring stainless steel appliances and granite countertops, walk-in closets, private balconies, detached garages, Wi-Fi access and various floor plans. Amenities available to residents consist of a yoga and spin studio, pool, auto charging stations, fitness center and business center.
Numerous dining, shopping and entertainment options are located close to the property. The property is convenient to transit routes such as Interstate 95 and the Tri-Rail.
Berkadia announces it has arranged a $20.43 million bridge loan for the refinancing of five vintage apartment properties located in Bay Harbor Islands and the South Beach section of Miami Beach, FL. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Analyst Shannon Wilson arranged the loan on behalf of Boardwalk Properties, a real estate investment and management firm based in Miami Beach.
LoanCore Capital Funding Corporation LLC originated the two-year, floating rate loan with three 12-month extension options. The Loan to Cost was 75 percent.
“Boardwalk is a very astute owner of high-quality generational assets in irreplaceable locations. Their renovation plans will turn these older, smaller buildings into jewel boxes that will be an exceptional renting alternative to the condo shadow units and larger impersonal projects that dominate the area,” said Foschini. “The lender recognized the opportunity and provided an exceptional loan to allow them the capital to transform these buildings into modern Class A communities.”
The properties in the portfolio are:
· 1600 W Ave, Miami Beach, FL 33139 (Built in 1969, with 20 units)
· 1606 W Ave, Miami Beach, FL 33139 (Built in 1961, with 12 units)
· 9200 E Bay Harbor Dr, Bay Harbor Island, FL 33154 (Built in 1955, with 18 units)
· 9270 E Bay Harbor Drive, Bay Harbor Island, FL 33154 (Built in 1951, with 24 units)
· 1075 101st, 10150-10190 E Bay Harbor Dr, Bay Harbor Island, FL 33154 (Built in Built 1947,1956,and 1957, with 34 units)
