Tampa, Fla. – Berkadia announces it has arranged the refinancing of two properties in Florida: Gables at Honore in Sarasota, Fla., and Lodge at Woodlake in Lakeland, Fla. Senior Managing Director Mitch Sinberg, Managing Director Matt Robbins of Berkadia South Florida secured the financing for both properties on behalf of the owner Insula Companies, a boutique real estate investment company based in Sarasota, Florida.
A bank provided the $8.15 million, five-year, fixed-rate loan with three years of interest only for Gables at Honore, and Freddie Mac provided the $18 million, seven-year, fixed-rate loan, with five years of interest only for Lodge at Woodlake.
“Insula’s continued capital improvement investment coupled with Central Florida’s strong rent growth, allowed them to refinance both properties with an attractive fixed rate debt,” said Robbins.
Built in 1993 and located at 3400 Tyne Lane, Gables at Honore is a 54-unit apartment community of two-, three- and four-bedroom apartment homes that range from 890 square feet to 1,320 square feet. Individual units feature vaulted ceilings, washer and dryer hook ups, ceiling fans, screened patios, backyards and one-car attached garages. Community amenities include a swimming pool with poolside hammocks, a grill and picnic area, a clubhouse, a business center, on-site maintenance and an outdoor activity area. Gables at Honore is close to Centergate Plaza, Urfer Family Park and the Sarasota–Bradenton International Airport.
Lodge at Woodlake is a 188-unit apartment community, built in 1975 and located at 1475 Woodlake Drive. It offers one-, two-, and three-bedroom apartments that range from 935 square feet to 1,515 square feet. Individual units feature energy-efficient appliances, large walk-in closets, a breakfast bar and large screened patios. Community amenities include a resort-style swimming pool, fitness studio, laundry center, playground, bark park, clubhouse with coffee bar, and package receiving.
HOUSTON (April 20, 2022) – Berkadia announces it has arranged the sale and financing of Broadstone Memorial, a 401-unit, 2007 built multifamily community in Houston’s Energy Corridor. Senior Managing Directors Todd Marix and Chris Curry, Managing Directors Jeffrey Skipworth, Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston represented the seller, AEW Capital Management, a real estate investment management company based in Boston, Massachussetts.
Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin secured financing through the U.S. affiliate of an international bank on behalf of the buyer Atlantic | Pacific Companies, a real estate investment and management company based in Boca Raton, Fla.
“Broadstone Memorial is an institutionally owned and maintained multifamily asset in a top-performing submarket with prime visibility and a strategic location next to two of the largest employers in this area,” said Marix. “It has proven value-add on its rent roll and offers new ownership consistent cash-flow and long-term value appreciation.”
Located at 875 North Eldridge Parkway, Broadstone Memorial offers one-, two- and three-bedroom homes ranging from 628 square feet to 1,766 square feet. Individual units feature 10-foot ceilings, wood-inspired flooring, granite or quartz countertops in kitchens, kitchen pantries, linen and walk-in closets, full-sized washer and dryers and a built-in bookshelf, fireplace and wine chillers in select homes. Community amenities include a modern clubhouse, gourmet latte and tea lounge, an executive business center, game room, spin room, a resort-style pool with sundecks and cabanas, charcoal grills, fenced dog park, package lockers and bicycle storage racks.
Broadstone Memorial has a strategic location that is in walking distance to the Energy Corridor, and it is near the Westchase District, Memorial City, Town & Country Village and Ray Miller Park. Atlantic | Pacific will rename the asset The Atlantic Memorial, with plans to make interior and exterior improvements. The renovations will include amenity enhancements and the addition of quartz countertops. Atlantic | Pacific now owns 17 properties in Texas.
Berkadia announces it has arranged the sale and financing of Jupiter Isle Apartments, a 359-unit value-add, garden-style apartment community located in the northern Palm Beach County city of Jupiter, Fla. Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Northland. S2 Capital, a national value-add multifamily investor with more than $9 billion in transaction volume, acquired the property for an undisclosed amount.
Managing Director Nathan Stone, and Associate Directors Brad Mason and Guy Griffith, along with Analyst Heather Culver of Berkadia Dallas, secured financing on behalf of S2 Capital.
“Jupiter Isle is a well-kept apartment community ideally located in an affluent community east of I-95, less than a 30-minute drive from the booming West Palm Beach/Delray Beach markets,” said Turkell. “The new owner has the opportunity to elevate the property’s finishes to compete with newer product, in a climate in which multifamily fundamentals have never been stronger.”
"We are excited to invest in Jupiter Isle and believe the property represents a compelling investment for both the community and our investors," said Davey Leach, VP of Acquisitions at S2 Capital. "The county as a whole is enjoying growth, but with constrained supply and very limited new construction, the Jupiter submarket in particular offers tremendous opportunity to transform an older community into a market-leading option for its growing number of residents."
Located on 30 acres at 6705 Mallard Cove Road, Jupiter Isle Apartments is a Class B, two-story apartment complex built in 1984. It features one-and two-bedroom units, multiple swimming pools, and other outdoor amenities. Over the next two years, S2 expects to complete a $5 million plus renovation to enhance common areas and remodel unit interiors. Improvements will include exterior painting and balcony repair; renovation of the leasing center, fitness center, and gym; and interior unit upgrades including stainless steel appliances, hardware and countertop upgrades, and the installation of new floors and ceramic tile showers. The refurbishment will position the property for future buyers as a premium asset in a supply constrained market with exceptional demographics.
The property lies in the Jupiter/Palm Beach Gardens submarket of Palm Beach County, approximately 16 miles north of Palm Beach. It boasts convenient access to nearby jobs, retail establishments and entertainment, and is located 10 minutes from Jupiter’s beaches and 25 minutes from Palm Beach International Airport.
The Carter @ 4250, located outside of Atlanta, was refinanced with $33.12 in debt and $16.55 million in equity
ATLANTA (October 13, 2021) -- Berkadia announces it has secured debt for the refinance of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of Miami-based One Real Estate Investment (OREI). In addition, Berkadia also sourced a capital group to recapitalize the sponsor’s equity partner.
Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami arranged a $33.12 loan through Freddie Mac. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up an equity partner, MLG Capital, to complete the equity stack for OREI.
Freddie Mac provided a 10-year, floating-rate loan with a competitive rate and five years of interest-only. MLG Capital contributed $16.55 million in equity to the deal.
“The Carter underwent an extensive value-add program by OREI prior to its recapitalization,” said Williamson. “We are excited to see OREI continue its plan and create value at the property for both the tenants and the new equity partner.”
“OREI has continued to grow its multifamily portfolio and is now over 5,000 units in Texas and the Southeast,” said Jeronimo Hirschfeld, CEO of One Real Estate Investment CEO. “In an effort to capitalize on this dynamic market and deliver superior returns to our investors while still maintaining our portfolio, we opted to recapitalize a strong performing asset in an excellent submarket of Atlanta.”
Berkadia has arranged debt and equity for OREI’s multifamily portfolio expansion several times over the past two years.
Built in 1985, The Carter 4250 is located at 4250 Jimmy Carter Boulevard and offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Individual units feature hardwood-style flooring, stainless steel appliances, a gas range, modern shaker-style cabinetry, large closets, carpeting, electronic thermostats, washer and dryer hookups and patio/balconies. Community amenities include a saltwater swimming pool, a fitness center with free weights, a playground, dog park, laundry center and a BBQ/Picnic area.
It is situated near Interstate I-85 and Jimmy Carter Boulevard providing quick access to downtown Atlanta , minutes away from the Fountain of Gwinnett, Lions Club Park and a half hour away from the Hartsfield-Jackson Atlanta International Airport.
Berkadia announces it has arranged $43.2 million in financing for the acquisition of Legends at ChampionsGate, a 252-unit multifamily community in Orlando, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of global real estate private equity firm, Taurus Investment Holdings, which acquired the property for $53.8 million.
This investment represents Taurus’ fifth multifamily acquisition in Central Florida. “Legends at ChampionsGate is a high quality asset and its profile aligns well within our multifamily strategy,” said Nick Clark, Managing Director of Taurus Investment Holdings.
Bank financing was secured for the 3-year, floating rate loan with a full term IO at a 75 percent LTC, with additional funds to finance a capital improvements plan.
“Orlando continues to impress with its resilient job market and consistent flow of in-migration, making it one of the most attractive markets in a state that heavily competes with the rest of the Sun Belt region,” said Robbins. “As hospitality and tourism continue to bounce back, the area’s labor pool will undoubtedly benefit, along with other key sectors that offer upward mobility and career longevity including advanced manufacturing, aerospace and defense, financial technology and life sciences and healthcare.”
Built in 2002, Legends at ChampionsGate is located at 8101 Champions Cir. One-, two- and three-bedroom units include built-in shelving, french doors, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities feature a swimming pool, fitness center, playground, business center and yoga room.
Situated in the Champions Gate neighborhood just south of Downtown Orlando, the community is found less than 10 minutes away from Interstate 4, providing direct access throughout the greater Orlando area and central Florida. Major employers including Walt Disney World and Universal Orlando Resort are about 15 and 25 minutes away, respectively. Lakeland, Florida, which is quickly becoming the logistics hub of Florida, has a corporate presence that includes FedEx, Amazon Saddle Creek Logistics Services and Publix.
Berkadia announces it has arranged $58.68 million in refinancing for Advenir at San Tropez, a 480-unit community in Pembroke Pines, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the loan on behalf of Advenir at San Tropez, LLC.
Berkadia originated and Freddie Mac purchased the fixed rate, 7-year loan with partial interest only and a 70% LTV.
“The South Florida rental market has shown clear fundamentals that indicate continued occupancy and rent growth throughout the region,” said Foschini. “This past quarter, effective rents rose by 1.4% to $1,737, with over 6,600 absorbed units easily outpacing the 4,800 delivered. Retaining a property of this size, that’s located in the center of the region, offered a clear opportunity for the owner to continue taking advantage of the area’s demand for multifamily housing.”
Built in 1975, Advenir at San Tropez is located at 7840 NW 3rd St. One- and two-bedroom units range from 625 to 850 square feet. The community features an array of amenities including laundry facilities, BBQ and picnic areas, and three swimming pools.
Situated near the Boulevard Heights neighborhood of Pembroke Pines, Advenir at San Tropez is lcoated near multiple employment and entertainment hubs. North Perry Airport and Broward College-South Campus are adjacent the property, with Seminole Hard Rock Hotel & Casino only 15 minutes away and Fort Lauderdale–Hollywood International Airport situated about 25 minutes away.
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.
