Berkadia announces it has arranged debt financing and secured an equity partner for the acquisition of The Henry at Liberty Hills (formerly known as SYNC at Liberty Hills), a 228-unit luxury garden style community in Houston. Cutt Ableson and Colin Marusak of Berkadia’s Houston office arranged both debt and equity financing on behalf of the sponsor, Momentum Multifamily, a Dallas-based investment group that owns more than 11 properties encompassing over 1,600 units.
Berkadia originated a Freddie Mac 10-year, floating rate loan along with a preferred equity investment to facilitate the purchase of the asset.
“The property’s immediate access to Highway 90 and exceptional build quality provided the buyer with a competitive asset which offers tenants efficient drive times to the greater Houston area,” said Ableson. “With nearby employers and new corporate developments in the pipeline, The Henry at Liberty Hills is positioned to benefit from improving fundamentals throughout the submarket.”
Built in 2012, The Henry at Liberty Hills is located at 15330 Liberty River Drive. One-, two- and three-bedroom units include hardwood plank flooring, sleek black appliances, a built-in workspace, entertainment bar and private patio/balcony. Community amenities feature a business center, conference room, game/media room, swimming pool, fitness center and a bark park.
Situated in East Houston, the community is located near multiple transit routes and employers. Crosby Freeway and Sam Houston Parkway are less than five minutes away, offering direct access into Downtown Houston and the metro area. Various employers including TechnipFMC, Stolt-Nielsen and IKEA are approximately 10 minutes away in nearby Generation Park, which also features numerous retail and dining options.
Berkadia announces it has arranged $33 million in refinancing for a three-property, 502-unit multifamily portfolio encompassing Uptown Apartments, Montierra Apartments and Palm Square Homes in Tampa, Florida. Managing Director Scott Wadler of Berkadia’s Miami office and Associate Director Wesley Moczul of Berkadia’s Orlando office secured the loans on behalf of Ambrus Asset Management, a real estate investment firm based in Tampa.
“We were thrilled to have the opportunity to partner with Berkadia to secure long-term financing for our portfolio during this historically low interest rate environment,” said Eduardo Sanclemente, President of Ambrus Asset Management. “We plan to continue to grow our footprint throughout the region and remain extremely bullish on Florida multifamily market fundamentals and growth.”
Berkadia originated the three Fannie Mae-backed loans.
“We were successful in structuring three non-crossed, 12-year, fixed rate loans offering interest only which aligned well with the Sponsor’s long-term vision for the assets,” said Wadler. “The portfolio recap will allow the Sponsor to continue their value-add strategy for these properties, including both interior and exterior improvements, to significantly drive property performance as growing renter demand continues in the North Tampa market.”
Built in 1973, Uptown Apartments is a 292-unit pet-friendly community located at 2002 Colonial Parc Drive. Studio, one-, two-, and three-bedroom units include modern white kitchens with brushed nickel accents, spacious closets and a private patio/balcony. Community amenities include three swimming pools, on-site laundry facilities, a dog park, picnic area and courtyard.
Built in 1970, Montierra Apartments is 96-unit garden-style community situated at 14401 N 22nd Street. Offering one- and two-bedroom units, the community features a swimming pool, laundry facility, sports court and clubhouse.
Built in 1975, Palm Square Homes is a 114-unit garden-style community located at 102 E 122nd Avenue. Studio, one- and two-bedroom units include walk-in closets, tile floors and a private patio/porch. The pet-friendly community features a swimming pool, laundry facilities and a package service.
Berkadia announces it has arranged the sale and financing of Turtle Creek, a 128-unit Class A multifamily asset in St. Louis, Mo. Managing Director Ken Aston and Senior Director Andrea Kendrick of Berkadia’s St. Louis office arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group, LLC. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office secured $18.9 million in financing on behalf of the buyer, RM Communities.
Berkadia originated and Freddie Mac purchased the 10-year, fixed rate Green Up loan with 5 years IO.
“The buyer was able to take advantage of favorable financing that complements their capital improvements program to renovate this new asset through an eco-conscious lens,” said Sinberg. “Recognizing propitious dynamics expected to take place throughout the metro area, the buyer’s Midwest investment also demonstrates a show of confidence in the multifamily market within Greater St. Louis.”
The buyer, RM Communities, is the direct-acquisition arm of RealtyMogul, one of the top online real estate investing platforms with 200,000+ investors across a $2.8 billion portfolio. "We have a firm conviction in the underlying fundamentals of this property and of the broader growth of the St. Louis metropolitan area. Our community of investors are excited to gain exposure to this market, and we plan to responsibly manage Turtle Creek for years to come," said Jilliene Helman, RM Communities' CEO.
Built in 2018, Turtle Creek is located at 201 Turtle Drive. Two-bedroom units include granite countertops, an island kitchen, stainless steel appliances, hardwood floors, walk-in closets and washer/dryer. Community amenities feature a swimming pool, clubhouse, storage space grill and dog walking park.
Located in the St. Louis suburb of Fenton, the community is located along Highway 141, bringing residents within a 30-minute drive of Downtown St. Louis.
Berkadia announces it has arranged the sale and finance of Stewart Creek Apartments, a 414-unit garden-style community in the Dallas suburb of Frisco. Managing Directors Jay Gunn and Thomas Burns of Berkadia’s Dallas office, along with Senior Director Will Jarnagin of the same office, listed the property on behalf of Univesco, Inc., a real estate investment firm based in Plano. Managing Director Jason Rice and Senior Director Chris Pollard of Berkadia’s Dallas office arranged the financing on behalf of sponsor Madera Residential, a real estate investment firm based in Lubbock.
Varde Mortgage Capital originated the 3-year, floating rate loan at 80% LTC.
“Continued corporate relocations and positive in-migration are set to make the local apartment market mirror that of a rebounding labor market over the next four quarters,” said Gunn. “Additionally, we’re anticipating absorption to slightly exceed deliveries this year, making Dallas one of the most favorable markets for investors in the Sunbelt.”
Built in 1999, Stewart Creek is located at 7549 Stonebrook Parkway. One-, two- and three-bedroom units include quartz countertops, wood-style floors, vaulted ceilings, walk-in closets and private patio/balcony. Community amenities include a business center, clubhouse, package lockers, picnic area and bark park.
Situated north of Dallas, the community is found near multiple transit corridors that take residents directly to a variety of employment hubs and entertainment venues. Dallas North Tollway is five minutes away and Sam Rayburn Tollway is under 10 minutes away, offering residents direct access into Downtown Dallas and the greater metro area.
BOSTON (February 1, 2021) – Berkadia announces it has secured financing for the recapitalization of a multifamily portfolio consisting of 11 individual properties totaling 89 units located throughout the Boston metropolitan area. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office, and Associate Director Wesley Moczul of Berkadia’s Orlando office, secured a $17.5 million loan via Fannie Mae on behalf the sponsor, BT Holland Real Estate.
The 12-year, fixed-rate loan has a 75 percent LTV ratio.
”This is an assemblage of smaller properties in up-and-coming neighborhoods in the greater Boston metro area that are benefiting from strong rent growth dynamics,” said Robbins. “By compiling these properties into one portfolio the sponsor was able to obtain a cross-collateralized loan with more favorable terms and economics.”
The multifamily properties in the portfolio include:
· 28 Dyer St, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 30 Browning Ave, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 31 Browning Ave, Dorchester, MA 02124 (6 Units, 1900 Vintage)
· 35 Browning Ave, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 38 Stanton St, Dorchester, MA 02124 (6 Units, 1910 Vintage)
· 54 Fuller St, Dorchester, MA 02124 (6 Units, 1988 Vintage)
· 5 Orlando St, Mattapan, MA 02126 (11 Units, 1965 Vintage)
· 14 Orlando St, Mattapan, MA 02126 (6 Units, 1965 Vintage)
· 14-16-18 Msgr Patrick J Lydon Way, Dorchester, MA, 02124 (15 Units, 1910 Vintage)
· 140 Wellington Hill, Mattapan, MA, 02126 (16 Units, 1965 Vintage)
· 17 Greenwich Park, Boston, MA, 02118 (5 Units, 1910 Vintage)
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The Praedium Group acquired the 312-unit Gatehouse on the Green in Plantation
MIAMI (January 19, 2021) – Berkadia announces it has provided a loan for the acquisition of Gatehouse on the Green, a 312-unit value-add apartment community located in the Broward County city of Plantation, Fla. Senior Managing Director Charles J. Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged $47.78 million in financing through Fannie Mae for sponsor The Praedium Group to acquire the property.
It is a seven-year, fixed-rate loan, with five years interest only at a 65 percent LTV.
“The Gatehouse project is an extraordinary asset both in its physical design and exceptional location in Broward County,” said Foschini. “Fannie Mae recognized that with a highly structured loan containing both a favorable rate and extended interest only period.”
Located at 150 SW 91st Avenue, Gatehouse on the Green was built in 1991 and consists of 12 two-and three-story garden-style buildings on a 21.1-acre site, with 627 parking spaces. Buildings feature a mix of one-, two- and three-bedroom apartments ranging in size from 804 square feet to 1,225 square feet. Individual units offer nine-foot ceilings (vaulted ceilings on top floors), walk-in closets, full-size washer/dryer, and a balcony. Community amenities include two swimming pools, a wading pool, an outdoor grill area, indoor racquetball court, two lighted tennis courts, clubhouse with complimentary Wi-Fi, billiard room, valet trash and recycling, car wash area, carport parking, traffic-control gated entry, and views of the Jacaranda Golf Course and Country Club.
Gatehouse on the Green is ideally located just off of Broward Boulevard, within three miles of over seven million square feet of office space. The property is just a few minutes from Nova University, Sawgrass Mills Mall, Seminole Hard Rock Hotel and Casino, and Fort Lauderdale-Hollywood International Airport, and proximate to major employment centers in both Sunrise and Fort Lauderdale.
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