The 264-unit Grand Pavilion sold for $32.77 million to Praxis Capital
Tampa, Fla. (November 2, 2020) – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.
The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.
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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
The 264-unit Grand Pavilion sold for $32.77 million to Praxis Capital
Tampa, Fla. (November 2, 2020) – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.
The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.
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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
Santa Ana, Calif. (October 21, 2020) – Berkadia today announced that it has secured a joint venture equity partner for Legacy Partners (“Legacy”) to build 651 Sunflower in Santa Ana, California. The five-story, 263,754-square-foot community features a mix of 226 studios and one- and two-bedroom residences located at 651 Sunflower Avenue in the heart of South Coast Metro.
Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, delivered DWS as the capital partner. DWS provided joint venture equity, as well as the construction loan.
“Our team was excited to be engaged by an extremely experienced developer in Legacy Partners,” said Bhatt. “Once DWS engaged with us and our client, they worked with us in earnest to find solutions to hurdles that came up and closed this deal during a very difficult time.”
“651 Sunflower is Legacy’s newest development in the area following our successful opening and leaseup of 580 Anton, which is located nearby,” said Tim O’Brien, Senior Managing Director at Legacy. “South Coast Metro is highly desirable not only for the sought-after retail and entertainment options at South Coast Plaza, but also for its proximity to the ocean which is a mere ten minutes away, and the Segerstrom Arts Center which includes the forthcoming Orange County Arts Museum. We look forward to 651 Sunflower experiencing the same kind of demand that made 580 Anton an immediate hit.”
Designed by Orange County-based TCA Architects, 651 Sunflower will have a coworking lounge with private offices, a dog park and washing station, three large courtyards with a pool, spa, and water features, and two rooftop decks. All residences have balconies – a unique feature for apartment communities in the area – and the community is only two blocks from the I-405/SR-55 intersection, which provides ease of access to Costa Mesa, Newport Beach, and Irvine.
The community is expected to deliver in early 2023.
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About Legacy Partners:
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops and manages multifamily communities throughout the United States. Legacy has regional offices in California, Colorado, Florida, Texas, and Washington and has developed more than 60,000 apartment homes in Arizona, California, Colorado, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results.
Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of over 60 multifamily communities with more than 14,000 apartment homes, and with a gross value in excess of $2 billion. For further information, please visit legacypartners.com.
About DWS Group (DWS)
DWS Group (DWS) is one of the world's leading asset managers with USD $772bn of assets under management (as of 30 June 2020). Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas, and Asia.
DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines. We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients.
Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our investment approach strategically. DWS wants to innovate and shape the future of investing: with approximately 3,500 employees in offices all over the world, we are local while being one global team. We are investors – entrusted to build the best foundation for our clients’ future. For further information, please visit www.dws.com.
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
SAN ANTONIO (October 15, 2020) – Berkadia announces it has arranged the sale and financing of Legacy Creekside, a newly built, 338-unit garden-style apartment community located in San Antonio, Texas. Senior Managing Director Ryan Epstein of Berkadia’s Houston office, along with Managing Director Michael Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office, represented the seller, White-Conlee Builders. Lucas Donahue, Managing Director of Berkadia’s Phoenix office, secured acquisition financing on behalf of the buyer, Univest Inc.
“Westover Hills has seen explosive growth across all product types and has some of the strongest rental market dynamics in the San Antonio metropolitan area,” said Epstein. “In addition, the new owner can utilize existing plans to develop up to 150 additional apartment units on an adjacent 4.55 acre property.”
Built in 2018, Legacy Creekside offers one-, two-and three-bedroom floor plans with an average unit size of 828 square feet. The property offers 10 different open concept floor plans with designer finishes and features including granite countertops, stainless steel appliances, walk-in showers and garden soaking tubs, modern fixtures with LED lights, and premium wood vinyl flooring. Some residences include private yards and attached garages. The property holds NGBS Bronze certification for energy efficiency.
Community amenities include a resort-style swimming pool and outdoor cabanas, state-of-the-art fitness center, resident lounge with arcade and gourmet coffee bar, outdoor dining areas with gas grills and firepits, two fully fenced dog parks with wash stations, bicycle rentals and a bicycle repair station, valet trash service and a package locker system.
Legacy Creekside offers residents an easy commute to some of the largest employers in San Antonio. It is located within 15 minutes of Lackland Air Force Base and Port San Antonio, and twenty minutes to downtown San Antonio and the South Texas Medical Center.
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 (October 7, 2020) – Berkadia announces it has secured a $74 million loan for the recapitalization of Linden Audubon Park, a 449-unit, Class A gated multifamily built in 2017 in the heart of Orlando’s coveted “Parks” district in Orlando, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of the borrower, Harbor Group International.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV.
“Freddie Mac once again delivered an exceptional floating-rate loan both in terms of flexibility and rate for the borrower,” said Foschini. “With the overhang of the coronavirus pandemic around us, we took great care in our underwriting to demonstrate that this asset and its owner are uniquely capable of maintaining and operating an Orlando multifamily property.”
Located at 990 Warehouse Road, Linden Audubon Park is a gated community built on a 19-acre infill site in Audubon Park – a leafy, bike-friendly district known for its mid-century bungalows, high-quality schools and proximity to Orlando’s CBD just five minutes away. The property occupies the last buildable multifamily garden parcel of this size in this exclusive pocket of the metro area.
The community consists of 12 three- and-four story buildings offering a mix of one-, two- and three-bedroom floor plans, including townhomes with attached garages and elevator access in some buildings. Individual apartments feature quartz countertops, energy-efficient stainless steel appliances, nine- and 10-foot ceilings, wood-inspired flooring, full size washer and dryer, oversized windows, screened patios and designer fixtures. Community amenities include two resort-style pools; poolside entertaining bar & TVs; outdoor kitchens, gas grill areas and fire pit; a two-story resident clubhouse with expansive gym; a stand-up tanning room and game room; a bark park and dog wash station; water views; and direct access to Cady Way Trail and Lake Druid Park.
Audubon Park was the winner of the 2016 Great American Main Street Award and is one the most desirable neighborhoods in Orlando with its top-rated schools and parks, proximity to over 400,000 jobs, and impressive local food and drink scene.
NARK
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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
Madison Capital Group acquired 10 acres primed for multifamily development
ORLANDO (September 28, 2020) – Berkadia announces it has arranged the sale of a 10-acre parcel of land near Disney’s resort and parks in Orlando, Florida. Madison Capital Group purchased the land, part of the WaterStar Orlando Town Center development site, for $8 million. The site is approved for up to 320 units of multifamily development.
Managing Directors Michael Weinberg, Brett Moss and Matt Wilcox, along with Associate Director Alec Fox of Berkadia’s North and Central Florida offices, arranged the sale on behalf of the owner, Equinox Development. Madison Capital Group acquired the property for $8 million.
The WaterStar Orlando site spans 33.6 gross acres and is the result of a complex land assemblage executed over a number of years. It is strategically positioned directly across from the $750 million Margaritaville Resort Orlando in the heart of Orlando’s famous Disney Maingate Corridor, and is just minutes from the main entrance of Disney World. When completed, WaterStar Orlando will encompass a variety of different uses including retail, restaurants, and market-rate apartments.
Based in Maitland, Florida, Equinox Development believes in shaping communities by introducing meaningful real estate endeavors and cultivating valued relationships. With a specialization in retail, mixed-use and boutique commercial development projects, the Equinox team demonstrates a hands-on approach and the ability to execute on complex transactions in all aspects of real estate development.
Madison Capital Group, LLC is a private investment and advisory firm based in Charlotte, NC and Charleston, SC. The firm invests in real estate and private equity opportunities, with a primary focus in the self-storage and multifamily sector. The company targets value-add storage acquisitions as well as storage development opportunities, and focuses on the development of high quality apartment communities throughout the Southeast.
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
