Huntsville, Ala. (September 28, 2020) – Berkadia announces it has secured a $34.91 million loan for the acquisition of Ascent at Jones Valley, a 431-unit apartment community located in Huntsville, Alabama, one of the top rent growth markets in the nation. and Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of borrower, an entity controlled by Wicker Park Capital Management LLC of Savannah, Georgia.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV.
“With its quality construction, recent renovations and multiple townhome options for residents to choose from, Ascent at Jones Valley is one of the more sought-after complexes in this submarket,” said Foschini. “Freddie Mac continues to be a terrific solution for borrowers in both fixed and floating rate executions. In this case, Freddie recognized the borrower’s success and acumen in this metro area with other projects and provided a loan well suited to improving the asset’s profile within its competitive set. The brilliance of a floating-rate execution is that it allows both a low interest-only base rate and the ability to transition the asset to a new loan upon a sale or future refinance, as value is added to the community and income improves.”
Known as “Rocket City” for its conglomeration of aerospace/aviation companies, Huntsville is home to Redstone Arsenal, Cummings Research Park, The Marshall Space Flight Center (MSFC), Blue Origin, The Boeing Company, and GE Aviation, among others. According to Berkadia Research, Huntsville apartment occupancy enjoyed a record high in 2019, and despite an economic slowdown in Q2 2020, effective rents rose nearly 7 percent year over year, and occupancy was up 20 basis points year over year to 96.8 percent.
Located at 1225 Williowbrook Drive SW, Ascent at Jones Valley was built in 1978 and has received over $4.5 million in upgrades from prior owners since 2016.
The property consists of one-, two- and three-bedroom units with an average size of 1,211 square feet. Roughly a third of the property’s units are two-and three-bedroom townhome floor plans. Community amenities include a fitness center, coffee & tea bar, leasing/business office, pet park and play area, playground, two swimming pools, a lighted tennis court and grilling/picnic areas.
Strategically positioned less than 2 miles east of Memorial Pkwy (US-231), one of Huntsville’s primary transportation arteries, Ascent at Jones Valley is centrally located in South Huntsville among the metro’s most affluent suburbs and quality retail destinations.
###
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
Washington, D.C. (September 23, 2020) – Berkadia announces it has secured a $29.71 million loan for the acquisition of North Pointe, a 235-unit workforce housing community located in Hyattsville, Maryland. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office secured the financing on behalf of a JV between July Residential, led by Avihai Daniell and Isaac Pinto, and Firm Capital Apartment REIT.
Berkadia originated and Freddie Mac purchased the 12-year, fixed rate mortgage.
“We’re very happy to have partnered with Mitch Sinberg and Matt Robbins of Berkadia on the financing of North Pointe,” said Daniell. “We’re thrilled to have been able to capitalize on the favorable lending environment, and navigate through these unprecedented times to close on the acquisition of this highly desirable community in one of Washington D.C.’s fastest growing submarkets. Located across the street from the West Hyattsville Metro Station, North Pointe, a community with a strong demand by residents for easy access to nearby employment centers, will make a great addition to our portfolio. North Pointe presented impressive resiliency through the pandemic this past year and we’re excited to take ownership and bring it to its full potential, as well as continuing to expand our footprint in the D.C. metro region.”
Located at 5735 29th Avenue, North Pointe is a garden-style community built in 1954 that consists of seven buildings with one-, two- and three-bedroom apartment homes, and 243 surface parking spots. The previous owner completed upgrades to kitchens and baths in 106 of the 235 units, including updated cabinetry, appliances, flooring, and fixtures. Community amenities include a playground, grilling/BBQ area, soccer field, two grassy courtyards, and two central laundry facilities. It is located adjacent to Heurich Park, which has a dog park.
North Pointe is conveniently located roughly 30 minutes outside of downtown Washington D.C., and is conveniently located within 10 minutes walking distance of the West Hyattsville Station of the D.C. Metro (Green/Yellow Lines). This provides access to the University of Maryland College Park (two stops away), Union Station (five stops away), and downtown Washington, D.C. (seven stops away). The addition of the Purple Line of the Metro, to be completed in 2022, will ultimately allow residents of North Pointe to access employment centers, universities, points of interest, and amenities throughout the Washington, D.C. metro area even easier.
###
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
One Real Estate Investment (OREI) acquired Whitney Manor and Westchase Apartments, 597 units in total, for a combined $45.7 million
New Orleans (September 23, 2020) – Berkadia announces it has secured debt and sourced an equity partner for the acquisition of a multifamily portfolio consisting of two properties in New Orleans, Louisiana, totaling 579 units. One Real Estate Investment (OREI) acquired the 199-unit Whitney Manor and 380-unit Westchase Apartments, both located approximately three miles apart in Jefferson Parish, for a combined $45.7 million. Berkadia lined up $34.19 million in debt and $11.2 million in equity on behalf of OREI to complete the acquisition.
Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson of Berkadia’s South Florida offices arranged the loans through Freddie Mac’s Green Advantage Program. Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, sourced an equity partner. This is the third time this year that Berkadia has arranged both debt and equity to assist OREI with the expansion of its multifamily portfolio in the Southeast and Texas
Berkadia originated a $23.29 million loan on the $31.06 million purchase of Westchase Apartments. The 10-year, fixed-rate loan includes four years interest only. Whitney Manor, which OREI purchased for $14.63 million, received a $10.9 million, 10-year fixed-rate loan, with three years interest only.
“The incredible location and high occupancy at these two assets, along with the fact that there has been no workforce multifamily development in this market in over a decade, presented OREI with a compelling value-add opportunity,” said Williamson.
“Our firm has a lot of confidence in OREI’s ability to source intriguing opportunities and we were excited to work on finding them an institutional equity partner that would understand the market dynamics in New Orleans,” added Franklin.
Jeronimo Hirschfeld, President and CEO of OREI, added, “New Orleans is a strategic market for OREI, as we complete our coverage of the majority of 18-hour cities in Texas and the Southeast. These two opportunities not only provide OREI a strong footprint in an exciting market experiencing newly renovated growth, but also have the ability to deliver strong cash-on-cash and total returns to our investment partners.”
Located at 1117 Whitney Avenue, Whitney Manor is a two-story, garden-style apartment property built in 1975 with one-, two-, and three-bedroom units ranging from 700 square feet to 1,200 square feet. Cable-ready units feature air conditioning, carpet, ceiling fans, dishwasher, heating, range, refrigerator, tile floors, mini blinds, balcony/patio, and window coverings. The property offers 200 surface parking lots.
Located at 1013 Manhattan Boulevard, Westchase Apartments is a two- and three-story garden-style apartment community built in 1975 offering one- and two-bedroom floor plans ranging from 858 square feet to 1,192 square feet. Unit amenities include central/air heating, black appliances, carpet, dishwasher, high speed internet access, fully equipped kitchen with microwave, walk-in closets, wheelchair accessible (rooms), and ceramic tiled bathrooms, entryways, kitchens, & shower walls. Select units have ceiling fans, expanded bathroom vanities, kitchen breakfast bar, private balcony/patio, and a washer/dryer. Community amenities include s two-story community room, two swimming pools, two laundry facilities, modern stucco exterior, breakfast/coffee concierge, courtyard, fitness center, and a business center. The property offers 425 surface parking spaces.
Whitney Manor and Westchase Apartments are located approximately 7 miles from New Orleans’ French Quarter, less than 10 miles from Loyola University, Tulane University and Louisiana State University, and less than five miles from West Jefferson Medical Center. Louis Armstrong New Orleans International Airport is 20 miles from the property.
###
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
Westside Capital acquired the Buena Vista apartments in 2018
Tampa, Fla. (Sept. 9, 2020) – Berkadia announced today it has arranged a $25 million loan for the recapitalization of Buena Vista, a 240-unit garden-style apartment community in the Wellswood neighborhood of Tampa, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone secured the loan on behalf of Westside Capital Group, (“Westside”), a real estate investment holding firm based in Miami with multiple apartments in the Tampa area.
Fannie Mae provided the 12-year, fixed-rate loan, with partial interest only at a 70% loan to value.
“Westside Capital had done a remarkable job with this asset since Berkadia provided the original bridge loan two years ago,” said Foschini. “The asset is now fully renovated and stabilized, enabling Westside to access today’s incredibly low interest rates and attractive terms. Working together with Fannie Mae, we were able to provide a loan that was aggressive in dollars, rate and terms, taking full advantage of the value the sponsor has added during its short term of ownership.”
Added Jakub Hejl, Westside’s Founder and President, “As we predicted two years ago, the Wellswood community has continued to expand and attract new investment from both the corporate and real estate community because of its exceptional location and amenities, and we’re very pleased to have started this evolution with our investments. The Tampa economy has proven very resilient relative to the country overall with employment bouncing back in June of this year, driven in part by the region’s finance, industrial and e-commerce sectors.”
Built in 1985, Buena Vista consists of 10 buildings each containing 24 units on a 5-acre site. The property offers a mix of studio, one-bedroom and two-bedroom floor plans, with units averaging 700 square feet. Community amenities include a clubhouse, covered parking, fitness center, swimming pool and other tenant amenities. The property is conveniently located close to Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League (NFL).
Since acquiring the Buena Vista apartments in 2018, Westside has made a significant investment in the community and acquired another property nearby
Tampa, Fla. (September 8, 2020) – Westside Capital Group, a real estate investment holding firm based in Miami, today announced it closed on a $25 million loan to recapitalize Buena Vista, a 240-unit garden-style apartment community in the Wellswood neighborhood of Tampa, Florida. Westside acquired the apartment community in 2018 for $21.25 million, and has since made a multimillion-dollar cap-ex investment in the property. It also acquired another property in the same neighborhood – the 337-unit Watermans Crossing Apartments for $29.5 million – around this time last year.
Westside, whose holdings include cash-flowing properties and land throughout Florida, remains optimistic on the long-term outlook for North and Central Florida’s real estate market. Earlier this summer, Westside unveiled plans for one of the largest redevelopment projects in the state - a $1 billion Opportunity Zone redevelopment of 128 acres approximately 10 minutes from downtown Orlando. The project proposes thousands of new homes, along with retail, public use space and green space, on a dormant 128-acre site in the heart of Orlando formerly associated with Lake Orlando Golf Club.
“As we predicted two years ago, the Wellswood community has continued to expand and attract new investment from both the corporate and real estate community because of its exceptional location and amenities, and we’re very pleased to have started this evolution with our investments,” said Jakub Hejl, Westside’s Founder and President. “The Tampa economy has proven very resilient relative to the country overall with employment bouncing back in June of this year, driven in part by the region’s finance, industrial and e-commerce sectors.”
Since Westside’s initial investment in Buena Vista two years ago, a new medical office building with 30,000 square feet of space opened next door, developers saw an opportunity to build new single-family spec homes along Buena Vista property lines as curb appeal improved, Bank of Tampa opened its new 50,000 square foot office building and St. Joseph’s Children’s Hospital continues to receive ongoing investments from its originally planned $126 million capex plan. Westside investments in the community are completely transforming this part of Tampa and were a catalyst for the entire neighborhood to experience a ripple effect of positive community investment.
Built in 1985, Buena Vista consists of 10 buildings each containing 24 units on a 5-acre site. The property offers a mix of studio, one-bedroom and two-bedroom floor plans, with units averaging 700 square feet. Community amenities include a clubhouse, covered parking, fitness center, swimming pool and other tenant amenities. The property is conveniently located close to Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League (NFL).
Senior Managing Director Charles Foschini of Berkadia’s Miami office arranged the $25 million, 12-year loan from Fannie Mae. It is the fourth time this year that Berkadia has secured Fannie Mae financing for Westside-owned properties, most recently arranging a $7.5 million loan to refinance Lakeshore Club, a mid-rise multifamily property composed of 50 luxury apartments located in close proximity to downtown Winter Haven, Florida within the Tampa MSA.
Tallahassee, Fla. (September 14, 2020) – Berkadia announces it has secured a $23 million loan to refinance a construction loan for CollegeTown II, a mixed-use development consisting of student housing, retail and parking located in downtown Tallahassee, Florida. Managing Director Brad Williamson of Berkadia’s Miami office arranged the loan on behalf of Seminole Boosters, the fundraising arm for Florida State University Athletics. CollegeTown II was completed in 2016 and is fully stabilized. Berkadia also sourced the original construction loan in 2015.
Ameris bank provided the 10-year, fixed-rate refinancing, with a 3.66% interest rate.
“The current pandemic has presented challenges for the student housing market and most lenders have been conservative due to potential campuses going virtual,” said Williamson. “Berkadia’s ability to obtain financing for this project is a testament to the strength of the overall CollegeTown project. The asset is fully stabilized and has been a staple to the Florida State University community.”
Located at 805 West Madison Street, CollegeTown II consists of five 7-story buildings with 87 units (198 beds) of student housing, 23,177 square feet of retail and a 7-story parking garage with 598 total spaces. Retail tenants in the project include Township, 51 Madison, Tin Lizzy, Barefoot Outfitters, Little Masa, and Sunstop.
The CollegeTown District is located just two blocks from the FSU campus and steps from from the Doak S. Campbell, Donald T. Tucker Civic Center and Dick Howser Baseball Stadium. CollegeTown is the heart of game-days, dining, entertainment and year-round festivities for students, locals and alumni alike.
