Raleigh, N.C. (June 26, 2020) - Berkadia announces it has secured two loans totaling $11,765,000 million for the acquisition of two value-add self-storage assets located in Raleigh and Durham, North Carolina. Managing Directors Michael Weinberg and Rebecca Van Reken from Berkadia’s Orlando office, along with Managing Director Saul Hoppenstein of Berkadia’s Boca Raton office, secured the financing on behalf of Liberty Investment Properties, a privately held real estate investment, development, and management firm based in Orlando, Florida.
A life company provided both five-year, fixed-rate loans, at a 65 percent loan to cost. These assets will go into Liberty’s new $20 million opportunistic storage equity fund, which pursues value-add self-storage facilities throughout the southeastern United States. Liberty plans to rebrand both assets under their My Neighborhood Storage Center platform. With over 30 years of institutional investment and operations in the storage industry, Liberty is poised for the opportunity to expand its portfolio holdings.
“The sponsor has a proven track record in the self-storage facility space and will be able to improve both properties’ performance through a mix of traditional and hands-on guerilla marketing,” said Weinberg.
“We are thankful for the longstanding relationship with Berkadia to successfully execute attractive financing for these transactions during the challenging times facing our economy,” said Adam Mikkelson, President of Liberty Investment Properties.
Built in 2016, the Raleigh Self Storage facility is located at 6401 Town Center Drive in Raleigh, and is a two-story, 72,614-square-foot climate-controlled building with 685 units. The property is strategically located along the interchange of US-1 and Interstate 540, making the facility easily accessible to a population of approximately 81,000 within a 3-mile radius.
Built in 2017, the Durham Self Storage property is located at 112 West Seminary Avenue in Durham. It is a 58,729-square-foot, four-story climate-controlled property with 645 units.
Berkadia announces it has secured a loan for the acquisition of two vintage boutique, garden-style apartment assets totaling 52 units located in the heart of East Boca Raton, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the financing on behalf of Rental Asset Management (RAM), a Fort Lauderdale-based multifamily owner-operator.
A bridge lender provided the $6.85 million fixed-rate, three-year loan. Proceeds of the loan will allow the sponsor to execute renovations and stabilize the asset, which was unoccupied at the time of closing.
“This assignment was unique in that the portfolio has been non-income producing for over year and currently sits vacant,” said Robbins. “Furthermore, many lenders have been pulling back due to the pandemic, which created an additional hurdle. Despite this, we combined our existing knowledge of the market with our deep pool of capital relationships to secure an attractive and timely financing option for our client. Both the lender and sponsor recognized the immense value-add opportunity presented by these assets, which have strong bones and a great location. The ambitious scope of renovations planned for these properties will ultimately provide a unique product to the area, catering to tenants who prefer garden-style living but want a fully modernized and upgraded unit.”
The first property in this portfolio, Villas at Camino, is located at 329 West Camino Real and 899 SW 3rd Avenue and consists of five two-story apartment buildings with 28 units. The property was constructed in 1958 and 1968. Amenities include a pool with a covered cabana and two laundry facilities. The second property, the Southwest 14th and 15th Street portfolio (located at 100 Southwest 14th Street, and 120,121, 150, 151 Southwest 15th Street), was built between 1966 and 1974 and consists of five, two-story buildings with 24 units in total. The property’s two- and three-bedroom apartments range from 1,180 to 1,250 square feet.
Both properties are located just west of Dixie and Federal Highways, in a neighborhood primarily composed of single-family homes, townhomes and multifamily buildings. They offer convenient access (less than a half mile) to Walgreens, CVS, The Fresh Market, Publix and other major retailers, and downtown Boca Raton and Mizner Park are roughly a mile away from each property.
Berkadia announces it has secured a loan for the acquisition of two vintage boutique, garden-style apartment assets totaling 52 units located in the heart of East Boca Raton, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the financing on behalf of Rental Asset Management (RAM), a Fort Lauderdale-based multifamily owner-operator.
A bridge lender provided the $6.85 million fixed-rate, three-year loan. Proceeds of the loan will allow the sponsor to execute renovations and stabilize the asset, which was unoccupied at the time of closing.
“This assignment was unique in that the portfolio has been non-income producing for over year and currently sits vacant,” said Robbins. “Furthermore, many lenders have been pulling back due to the pandemic, which created an additional hurdle. Despite this, we combined our existing knowledge of the market with our deep pool of capital relationships to secure an attractive and timely financing option for our client. Both the lender and sponsor recognized the immense value-add opportunity presented by these assets, which have strong bones and a great location. The ambitious scope of renovations planned for these properties will ultimately provide a unique product to the area, catering to tenants who prefer garden-style living but want a fully modernized and upgraded unit.”
The first property in this portfolio, Villas at Camino, is located at 329 West Camino Real and 899 SW 3rd Avenue and consists of five two-story apartment buildings with 28 units. The property was constructed in 1958 and 1968. Amenities include a pool with a covered cabana and two laundry facilities. The second property, the Southwest 14th and 15th Street portfolio (located at 100 Southwest 14th Street, and 120,121, 150, 151 Southwest 15th Street), was built between 1966 and 1974 and consists of five, two-story buildings with 24 units in total. The property’s two- and three-bedroom apartments range from 1,180 to 1,250 square feet.
Both properties are located just west of Dixie and Federal Highways, in a neighborhood primarily composed of single-family homes, townhomes and multifamily buildings. They offer convenient access (less than a half mile) to Walgreens, CVS, The Fresh Market, Publix and other major retailers, and downtown Boca Raton and Mizner Park are roughly a mile away from each property.
Fort Lauderdale, Fla. (May 14, 2020) - Berkadia announces it has secured a $9.1 million loan for the construction of The Forge, a new 35-unit, 7-story luxury loft building in Fort Lauderdale’s FATVillage, the city’s trendy downtown historic warehouse district. Managing Director Brad Williamson of Berkadia’s Miami office secured the financing on behalf of the developer, Urban Street Development. The development, located in an Opportunity Zone, will break ground this year and deliver in late 2021.
The loan was sourced from a bank at a 55 percent loan-to-cost.
“This is a boutique project of high-end lofts unlike anything that’s been built in Fort Lauderdale in some time and is well located in FATVillage within walking distance to the Brightline,” said Williamson. “Opportunity Zone projects with long-term holds and patient capital being developed in desirable infill locations will weather these uncertain times better compared to their competitors.”
Located at 401 NW 1st Avenue, The Forge will feature a mix of one- and two-bedroom units ranging in size from 781 square feet to 1,350 square feet. Apartments will feature high (12 to 14 feet) ceilings, finished concrete floors, Bauhaus-inspired windows, unique open entertainment kitchens, quartz countertops and smart home technology. Community amenities will include a CrossFit-inspired gym, garage parking, and shared access to the Foundry Loft’s pool deck next door. The garage will feature an automatic parking lift system to maximize the amount of parking spaces offered.
The Forge is situated within FATVillage (Flagler + Arts + Technology Village), better known as Fort Lauderdale’s creative enclave in the heart of downtown. The property is located within walking distance to dozens of eateries, markets, boutiques and galleries, most unique to this area. The property is located within walking distance to approximately 5 million square feet of office space and 1 million square feet of retail space, and just one block away from the Fort Lauderdale’s Brightline/Virgin Trains Station, offering direct service to Miami and West Palm Beach now, and eventually Orlando and Tampa.
Developer Urban Street Development specializes in the design, development, and construction of a variety of businesses, properties and neighborhood revitalization projects. Led by the dynamic team of construction and real estate developer Alan Hooper and restaurateur and entrepreneur Tim Petrillo, Urban Street has designed, developed, constructed, managed, leased and sold a multitude of successful projects over the years including FATVillage, Collegetown FSU in Tallahassee, Fla., and New River Trading Post in Fort Lauderdale.
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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.
Berkadia announces it has secured debt and equity for the acquisition of the 192-unit Element at University Park in College Station, Texas. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office and Managing Director Brad Williamson of Berkadia’s Miami office secured a senior loan on behalf of One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami. Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, lined up an institutional quality equity partner to complete the equity stack with an investment through Electra Capital.
Berkadia originated a 10-year Freddie Mac, floating-rate loan for Element at University Park. Electra Capital provided a preferred equity investment.
“College Station’s propitious market offers a compelling opportunity to tap into Texas A&M’s 70,000 students, which make up more than half of College Station’s general population,” said Williamson.
Added Jeronimo Hirschfeld, CEO of OREI, “Although this transaction presented new challenges in a unique investment climate, Element at University Park is an excellent acquisition for OREI’s growing market rate portfolio. The property has significant upside potential in terms of interior renovations and exterior amenities. The asset benefits from close proximity to not only the United State’s second-largest university, but also a diverse mix of healthcare employers.”
Built in 2000, Element at University Park is situated at 4475 Carter Creek Pkwy. Located under 10 minutes away from Texas A&M University – College Station’s economic driver – the community’s one- and two-bedroom units include a range, dishwasher, stainless steel appliances, washer/dryer and Wi-Fi. Community amenities feature an elevator, business center, courtyard, tennis court and picnic area.
Berkadia announces it has secured $37.33 million in financing for the recapitalization of Advenir at Polos East Apartments, a 308-unit apartment community located in Orlando, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of the borrower, Miami-based Advenir.
Berkadia originated and Freddie Mac purchased the 7-year, fixed-rate loan with full-term interest only, at a 70 percent loan to value.
“Freddie Mac continues to provide liquidity to the marketplace and execute smart business with exceptional terms,” said Foschini. “While this transaction was signed up just as the full force of the pandemic was being felt in our economy, Freddie Mac, the Berkadia team and the client worked tirelessly and often remotely to execute the due diligence and fund the loan without delay.”
Located at 1700 Woodbury Road, Advenir at Polos East was built in 1990 and consists of a mix of one-, two- and three-bedroom apartments with an average unit size of 877 square feet. Amenities at the pet-friendly community include a resort-style swimming pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; Internet café; and game room.
Advenir at Polos East is conveniently located just 10 minutes from the University of Central Florida, 20 minutes from downtown Orlando, and in close proximity to a host of shopping, entertaining and dining destinations.
