Tampa, Fla. (January 5, 2020) – Berkadia announces it has arranged a loan for the acquisition of Bainbridge Ybor City, a 240-unit luxury apartment community in the Ybor City National Landmark Historic District of Tampa, Fla. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s South Florida mortgage banking team secured a $41.37 million loan on behalf the sponsor, GMF Capital.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with five years of interest only.
Jared Frydman, Managing Director of Acquisitions with GMF Capital, noted, “This property fits well with our long-term objective of building a portfolio comprising high-quality assets in growth markets with attractive economic and demographic fundamentals. Our team was equally impressed with the quality of Berkadia’s overall execution of this assignment, and we have a great deal of confidence in this team’s ability to help us achieve our long-term business goals.”
Developed in 2017 by Bainbridge Companies, the property is located at 1512 East 12th Avenue in Ybor City, the only neighborhood on Florida’s west coast to be designated a National Historic Landmark District. The property features studio, one- and two-bedroom floor plans with designer touches including hardwood-style flooring; chef-inspired kitchens with large center islands, stainless steel appliances and quartz countertops; in-suite washer & dryer; patio or balcony; oversized walk-in closets; and built-in storage.
Community amenities include a South Beach-style pool and sundeck, 24-hour fitness center, yoga studio and personal training room, clubroom with arcade and catering kitchen, elevator access and secure parking garage, and opulent greenways.
Located within a few steps of the many eclectic bars, restaurants, coffee shops and entertainment venues located along 7th Avenue, the property offers residents a highly walkable, dynamic live-work-play environment, with immediate access to I-4 just 10 minutes from downtown Tampa.
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Berkadia announces it has secured debt financing for the acquisition of two multifamily communities in Charlotte, N.C. totaling 550 units. One Real Estate Investment (OREI) of Miami acquired the 310-unit Kelston Apartments and 240-unit Avalon Apartments for $68.7 million using a combination of $51.4 million in Fannie Mae and Voya debt across the two assets.
Introduced by Berkadia’s Joint Venture Equity & Structured Capital Group during an earlier transaction, investment fund manager MLG Capital was re-engaged with OREI as a repeat investor providing $13.1 million from its Fund IV in JV equity for the Avalon Apartments.
Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson of Berkadia’s South Florida Mortgage Banking team arranged the debt financing. Berkadia’s Joint Venture Equity & Structured Capital Group, led by Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, delivered MLG Capital as the JV equity partner.
Voya originated the 3-year, floating rate loan with 3 years IO for Kelston Apartments. Fannie Mae originated the 10-year, fixed rate loan for Avalon Apartments.
“The proximity of each property to neighboring assets that have demonstrated value-add potential show the proven upside the Kelston and Avalon communities bring for both partners to capitalize on,” said Williamson. “East Charlotte’s easy access to important areas of employment such as Uptown, University City and South Park, coupled with investments in its public infrastructure, position this submarket for continued demand and rent growth,” added Kirkpatrick.
“With Avalon and Kelston serving as OREI’s second and third acquisitions in the Charlotte market over the past 15 months, our team remains bullish on the market’s demand drivers, growing employment and population base, and the continued rent growth across the East Charlotte submarket, in particular,” states Jeronimo Hirschfeld, CEO of One Real Estate Investment.
Built in 1986, the 310-unit Kelston Apartments is located at 1207 Kelston Place. One-, two- and three-bedroom units include walk-in closets and private patios and balconies. OREI intends to re-develop a brand new clubhouse at the asset, inclusive of a state of the art fitness center, leasing office, cyber café, and swimming pool.
Built in 1999, the 240-unit Avalon Apartments is located at 6000 Regal Estate Lane. One-, two- and three-bedroom units feature black appliances, a breakfast bar, walk-in closets, vinyl wood flooring, built-in desks and private patios and balconies. Community amenities include a renovated clubhouse, coffee & tea bar, media/entertainment lounge, pool table, fitness center and dog spa.
Futura @ Nona Cove will deliver 260 new apartments
ORLANDO (November 11, 2020) – Berkadia announces it has secured construction financing for Futura @ Nona Cove, a planned 260-unit, Class A apartment community located in the Lake Nona submarket of Orlando, Florida. Senior Managing Director Mitch Sinberg and Director of Operations Jared Hill of Berkadia’s South Florida offices, along with Senior Managing Director Colin Callaghan and Director Nicole Hood of Berkadia’s HUD team, arranged the $52,522,400 million construction loan through Berkadia’s HUD program.
The sponsor is Boca Raton-based FUTURA.
The 221(d)(4) 40-year amortized construction loan features a fixed interest rate and an 85 percent loan-to-cost ratio.
”FUTURA is an experienced developer in a very strong market within Orlando and, as a result, we were able to secure a construction-to-perm loan from HUD, with interest only during the construction period followed by a 40-year self-amortizing loan,” said Sinberg. “Lake Nona is one of the fastest-growing submarkets in Orlando, and demand for apartments has been buoyed by Lake Nona Medical City, a new 650-acre health and life sciences park created by Tavistock Development Company. A visionary, master-planned community for the 21st century, the park houses leading healthcare and research facilities including University of Central Florida’s College of Medicine and Lake Nona Medical Center, along with other national life sciences firms.”
“The ability to execute the closing of this amazing HUD- insured loan during this year’s pandemic-driven recessionary economic period was a colossal undertaking, proving that it is in challenging times like this one when partnerships with experienced partners like Berkadia are paramount to any successful endeavor,” said FUTURA president Reinerio P. Faife. “FUTURA is looking forward to bringing this great residential community to reality. Phase One of this uniquely located lifestyle neighborhood center is developed with a third-generation four-story, 122,000-gross-square-foot climate-controlled self-storage facility with a secured drive-thru area to be managed by Extra Space; further integrated with over 29,000 square feet of prime neighborhood commercial and retail uses to be operated by locally and nationally recognized tenants.”
The Futura @ Nona Cove luxury apartment community will be a five-story, 260-unit luxury rental community located at 19463 Boggy Creek Road on approximately 5.5 acres at the intersection of Narcoossee and Boggy Creek Roads. This luxurious residential enclave features a full resort lifestyle amenity package housed within its modern coastal contemporary architecture. The project will offer studios, one-, two- and three-bedroom units ranging in size from 623 to 1,315 square feet. All apartment units will feature strategically laid out den spaces (driven by this submarket’s economic drivers pushing for more home office options), nine-foot ceilings with top penthouse units boasting 10- to12-foot ceilings, modern bathrooms, kitchens with energy-efficient stainless steel appliances, full-sized washers and dryers, extra-large walk-in closets, and oversized balconies and private patios on first floor units.
Community amenities at the property will include an advanced air filtration system for all enclosed amenity areas, including a two-story clubroom and resident lounge with co-working areas; an oversized lap and resort-style pool adjacent to a fully integrated state-of-the-art fitness and wellness center with courtyards; a community walking and jogging trail outfitted with fitness stations; a putting green; a community dog spa with an oversized linear dog park with sitting gazebo for residents; electric car charging stations; and more.
FUTURA recorded its Notice to Proceed with construction at HUD loan closing on November 5th of 2020, with plans to start leasing units by November 2021.
Lake Nona is a nationally recognized master-planned community covering roughly 17 square miles adjacent to the Orlando International Airport. Nona Cove’s vision expands on this area’s submarket, boasting a dynamic mix of residential, commercial and retail uses, and is home to the United States Tennis Association’s National Campus.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Wild Pines of Naples has 96 market-rate and 104 income-restricted apartments
Naples, Fla. (November 13, 2020) – Berkadia announces it has secured a $20.62 million loan for the acquisition Wild Pines of Naples, a 200-unit multifamily property with a mix of market-rate and income-restricted apartments located in the affluent Naples, Florida market. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of GMF Capital of New York, New York.
Berkadia originated, and Freddie Mac purchased, the 15-year, fixed-rate loan with 10 years interest only.
“Wild Pines of Naples presented an unusual opportunity to acquire a core Naples property with both market rate and income-restricted units,” said Sinberg. “Because there is a dearth of affordable product and a considerable amount of luxury rental product in this region, this was a tremendous value-add opportunity for GMF to achieve appreciation at well below replacement cost.”
Located at 2580 Wild Pines Lane, Wild Pines of Naples was built in two phases in 1968/1986 and 2001, respectively. Phase I consists of 96 market-rate units in 12 one- and two-story buildings and Phase II added 104-rent/income-restricted units (maximum 60% of AMI) in 7 two-story buildings. The income-restricted units will remain affordable until 2031.
Both phases feature nearly identical one-bedroom floor plans averaging 600 square feet. Community amenities include two pools, two laundry rooms, a clubhouse with business center and leasing office, gym, and picnic area, all of which were recently renovated.
The property is located just 1.6 miles from downtown historic Naples, offering excellent accessibility to employment centers and retail destinations in the region. Located within five miles of the property are a Publix, Coastland Center Mall, Lorenzo Walker Technical College, Naples Zoo, Naples Botanical Gardens and the NHC Healthcare System, along with Naples beaches.
Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land which could be used to add more units or provide additional community amenities.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
ORLANDO (November 13, 2020) – Berkadia announces it has secured a $49.65 million loan for the acquisition of Montevista at Windermere, a 360-unit apartment community located in Orlando, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of Taurus Investment Holdings LLC, a global real estate private equity firm.
“Taurus has been active in the Orlando market for over 25 years and maintains strong confidence in the economic demand and resiliency of the area,” says Peter A. Merrigan, CEO of Taurus. “During a time of market uncertainty, this transaction highlights the unwavering commitment, discipline and diligence the Taurus team and our investment partners had in bringing this deal to the finish line.”
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with five years interest only and a 75% LTV.
“With Freddie Mac’s competitive terms and rate, Montevista at Windermere presented Taurus with an excellent opportunity to acquire a well maintained multifamily property at below replacement cost in one of Orlando’s most coveted, upscale neighborhoods,” said Sinberg.
Located at 6421 Conroy Road, Montevista at Windermere was built in 1989 and features a mix of townhome-style units with one- and two-bedroom floor plans ranging from 550 square feet to 1,145 square feet. Individual apartments feature vaulted ceilings, oversized windows, French doors to screened-in patios/balconies, walk-in closets and fireplaces. Some recently renovated units also feature new stainless steel appliances, quartz countertops, and faux-wood flooring. Community amenities include a resort-style pool with cabanas, raised wood poolside sundecks, gym-quality fitness center, internet café with coffee bar, poolside clubhouse with fireplace, lighted tennis courts, bark park with agility equipment, car care center, barbecue area and pergola-covered fire pit.
The property is nestled in a serene tropical setting with mature landscaping just 10 minutes from downtown Orlando, with convenient access to I-4, SR 408 and Florida’s Turnpike. The property is just minutes from Windermere’s “A”-rated schools, Orlando’s “Restaurant Row” on Sand Lake Road, and a host of large white-collar employers such as Lockheed Martin and Orlando Health, along with Valencia College and Universal Orlando.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real EEstate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Stoneweg US acquired the 688-unit Trellis at the Lakes Apartments
TAMPA (November 10, 2020) – Berkadia today announced that it has secured a joint venture equity partner for Stoneweg US LLC’s acquisition of Trellis at the Lakes Apartments, a 688-unit multifamily community located in St. Petersburg, Fla.
Stoneweg US, a St. Petersburg-based real estate firm which owns approximately 12,000 apartments across the country, acquired the property for $114 million, or $165,700 per unit.
Representing Stoneweg US LLC, Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, secured a life insurance company as the JV equity partner, which brought $36 million to the deal.
“Working alongside a high-caliber client like Stoneweg US on an off-market acquisition in their backyard with a clear value-add story made it a straightforward underwrite for capital,” said Kirkpatrick. “We were able to bring multiple joint venture term sheets to the client and ultimately found a LifeCo partner for a great execution.”
Built in 1982, Trellis at the Lakes is located 11401 Martin Luther King Jr. St. and consists of 384 one-bedroom and 304 two-bedroom units, with an overall average unit size of 732 square feet. Community amenities include two swimming pools with sundeck, state-of-the-art fitness center and yoga studio, bark park, care wash center, laundry facility, work-study lounge, and lakeside fire pit and gathering area.
The prior owner initiated property renovations to some of the apartments in 2018, which the new owner intends to complete. Renovations will include adding black or stainless steel appliances, granite countertops, cabinets and wood flooring. Washer and dryer appliances will be added to the remaining 25% of the units that do not currently contain them.
The property is centrally located just off of I-275, approximately 15 minutes midway between downtown Tampa and downtown St. Petersburg. The property is less than five minutes from Carillon Park, a 432-acre business park that is home to Raymond James, Franklin Templeton, AllState, Spectrum and others.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx