Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $31.5 million bridge loan on behalf of the sponsor, Midtown Capital, to complete construction of The Astoria, a new 149-unit apartment community in Salt Lake City, Utah. Located in the city’s emerging Fairpark District, where a new Major League Baseball stadium is being planned, the apartment community is slated for completion in the third quarter of 2025.
Managing Director Scott Wadler and Vice President-Originations Patrick Johnson, along with Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson and Matt Robbins of Berkadia Miami and Boca Raton, secured the financing for Midtown Capital, a vertically integrated real estate development and management company with offices in Miami, West Palm Beach, and Madrid, Spain. Its $1 billion portfolio includes commercial and residential properties in Florida, Texas, Georgia, Illinois, and Utah.
New York City-based lender RMWC provided the two-year, floating-rate loan to refinance the existing construction loan and fund the project’s completion.
“The Fairpark District is undergoing rapid revitalization following a December vote in favor of upzoning to allow for the development of a major mixed-use development project and, eventually, a new stadium that could lure an MLB franchise to Salt Lake City,” said Wadler. “The Astoria will provide much-needed housing to this centrally located, rapidly growing neighborhood in Salt Lake City.”
Located at 11 N 800 West, The Astoria is a seven-story property featuring a mix of micro units (372 square feet), studios (545 square feet), and one- and two-bedroom apartments (up to 955 square feet). The property is adjacent to the Jackson/Euclid light rail station, allowing for immediate access to the SLC International Airport, which is currently undergoing a major expansion, the Delta Center, home of the Utah Jazz basketball team, and the heart of Downtown Salt Lake City, just five 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.
Berkadia, a distinguished leader in the commercial real estate sector, announced today the refinancing of Advenir at Magnolia, a 272-unit, garden-style multifamily community located in the Fern Park suburb of Orlando, Florida. Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez and Associate Director Shannon Wilson of Berkadia Miami originated a $23.168 million loan on behalf of the sponsor, Advenir@Magnolia LLC.
Berkadia originated, and Freddie Mac purchased, the five-year, fixed-rate loan with an extended interest only period and a 60% loan-to-value ratio.
“Our partnership with Freddie Mac continues to create market-leading options for our clients,” said Foschini. “Once a decision was made not to sell the asset, we were able to provide a timely refinance of this property and return equity to the borrower just ahead of a pending loan maturity.”
Advenir at Magnolia is a two-story, garden-style property located on 13 acres at 210 Welcome Way, approximately 10 miles north of Downtown Orlando. It offers a mix of studio, one- and two-bedroom apartments averaging 800 square feet. Amenities include two resort-style pools, grilling stations, a 24/7 fitness center, business center, a lighted tennis court, two basketball courts and three racquetball courts, and laundry facilities.
Located in the Fern Park suburb of Seminole County, the property is conveniently located near the Casselbery exchange of US-17/92 and FL-436, offering quick access to retail and employment centers in Maitland, Winter Park, and Altamonte Springs, along with Downtown Orlando, which is a 20-minute drive away. It is also just minutes from the Altamonte Mall and AdventHealth Altamonte Springs.
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, a leader in the commercial real estate industry, announces that its Florida Mortgage Banking platform closed approximately $4 billion in transactions in 2024 – exceeding 2023 production volume by more than a billion. Berkadia Florida’s investment sales platform also closed more than $1.4 billion in multifamily and land transactions across the state.
Last year, the Mortgage Banking team closed $3.96 billion in commercial property loans in 107 transactions throughout Florida and beyond. These included several nine-figure construction loans for landmark condominium developments in South Florida.
Led by Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, Berkadia Florida Mortgage Banking leveraged its longstanding relationships with the GSEs, along with life companies, banks and debt funds, to provide competitive financing for an array of local and national clients.
“Despite debt market volatility and limited product for sale, Berkadia Florida managed to close nearly $4 billion in mortgage originations last year,” said Sinberg. “I credit this to our team’s longstanding relationships with the most prolific developers in Florida, our unique access to diverse capital sources, and the favorable conditions that continue to make Florida an attractive place for investing in residential property.”
Notable transactions from 2024 included:
$400 million construction loan through Madison Realty Capital on behalf of Related Group/BH Group for Six Fisher Island
$328 million construction loan from Bank OZK on behalf of Related Group/GTIS for Baccarat Residences Miami
$97 million construction loan through Goldman Sachs Private Bank on behalf of The Mahaffey Apartment Company for The Carlton at Robinson Gateway near Bradenton
$100 million takeout loan through Churchill Real Estate for The Gardens Residences in North Miami on behalf of Omega Real Estate
Look forward, Sinberg is cautiously optimistic about the multifamily market in 2025. Despite the pressure of higher-for-longer interest rates, inflation and value dislocation, demand for rental housing remains elevated, and deal flow will likely pick up in the second half of 2025 as investors seek to put their capital to work.
Other forecasts for Florida:
- Florida apartment fundamentals remain strong; continued job and population growth, along with high barriers to homeownership, will sustain demand; rent growth, which stagnated last year, will turn positive in most major metros by end of 2025.
- Distressed sales are expected to rise as high-leverage, short-term loans mature on value-add and development projects. “Extend and pretend” will wind down – will see more permanent loan workouts and bridge-to-bridge loans.
- State-level policies like the Live Local Act and new condo reserve rules will continue to reshape the landscape, triggering new developments as well as possible condo buyouts.
Berkadia was recognized as the #1 Freddie Mac Lender by Volume in 2024, making it Freddie Mac’s top partner for the fourth consecutive year, and the #2 Fannie Mae DUS Lender by Volume in 2024. Berkadia delivered $13.45 billion in loans with Freddie Mac and Fannie Mae (“the multifamily GSEs”).
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, a leader in the commercial real estate industry, announces that it secured a $34.775 million construction loan for The ONE at Montgomery, a new 264-unit, garden-style multifamily development underway in Montgomery, Alabama.
Managing Director Brad Williamson and Vice President Patrick Johnson of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Matt Robbins, secured the financing on behalf of the sponsor, Miami-based One Real Estate Investment (OREI), led by Jeronimo Hirschfeld, Bob Barton, and Thomas Kochak.
Founded in 2001, OREI is an experienced real estate developer, investor, and asset manager with a portfolio of more than 11,500 apartments throughout the Sunbelt.
Synovus Bank provided the floating-rate loan at a 65% loan-to-cost.
“OREI’s demonstrated track record for delivering new communities in Sunbelt markets underpinned by strong white- and blue-collar job growth generated interest from a variety of lenders,” said Williamson. “The capital of Alabama is home to a vibrant and diverse economy composed of military/defense employers, manufacturers, retail wholesalers, and now tech/data centers, all driving the need for new high-quality housing that The ONE at Montgomery will help satisfy.”
"We’re thrilled to have closed this construction loan with our partners at Synovus, as it marks a significant step forward in expanding our development footprint,” said OREI’s Hirschfield. “This project not only strengthens our presence in the Sunbelt but also reinforces our commitment to delivering high-quality developments in high-growth markets."
Berkadia also recently secured financing for OREI to build new communities in Memphis, Tennessee, and Columbia, South Carolina.
Located at 10510 Chantilly Parkway, The ONE at Montgomery will offer a mix of 96 one-bedroom units, 132 two-bedroom units, and 36 three-bedroom units ranging from 827 to 1,254 square feet. Amenities will include a fitness and yoga studio, pool, multiple dog parks, pool cabana and sauna, as well as a state-of-the-art golf simulator. The property is slated to open in mid-2026.
Located in the affluent EastChase neighborhood, The ONE at Montgomery is near The Shoppes at EastChase, a lifestyle center featuring a diverse array of national and local retailers, specialty shops, and popular dining establishments, cinemas, and fitness centers. The property offers easy access to major thoroughfares like I-85 and is just a 20-minute drive from Downtown Montgomery and surrounding areas.
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, a leader in the commercial real estate industry, announces that it secured a $65 million bridge loan to refinance The Orchard at Portofino Vineyards, a newly built 264-unit, garden-style multifamily property located in Fort Myers, Florida. Managing Director Brad Williamson and Vice President of Originations Kyle Ryan of Berkadia Miami, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Matt Robbins, secured the loan on behalf of the owner, Prime Group of Hollywood, Florida, which has a real estate portfolio valued at $1.9 billion.
The transaction closed on February 19, 2025. The Orchard at Portofino Vineyards received their final TCOs in January 2025 and is now over 28% leased.
MF1, the lender, provided the two-year, floating-rate loan, the proceeds of which will pay off a $49.5 million construction loan.
“This opportunity generated significant interest from lenders due to the well-heeled sponsorship and the subject property’s location within a submarket with limited new supply and strong demand drivers,” explained Williamson. "Fort Myers was ranked the No. 1 fastest-growing city in 2024-2025 by U.S. News & World Report, and over the next five years, the population in the immediate area is projected to grow by 10%.”
“We're thrilled with the successful completion of the second phase of our multifamily development project in Fort Myers,” added Larry Abbo, CEO of Prime Group. “As the city continues to grow and attract a vibrant mix of young professionals and top talent, we're committed to supporting this evolution. By delivering a best-in-class product, we're catering to the evolving needs of today’s tenants. With plans to build a community that includes townhomes and single-family residences, we're focused on meeting the increasing demands of our residents and creating a space that fosters both growth and connection.”
Built in 2024 and located at 9920 Portofino Vineyards Drive, The Orchard at Portofino Vineyards is Phase II of a three-phase, 70-acre master-planned community developed by Prime Group featuring garden apartments, townhomes and single-family residences for rent. Phase I, The Grove at Portofino Vinyards, was completed in 2020 and consists of 312 garden-style apartments. Phase III, The Woodlands at Portofino Vineyards, will feature 202 townhomes and single-family homes for rent, with an expected delivery date of mid-2025.
As the second apartment property in the community, The Orchard at Portofino Vineyards will offer a more upscale residential option for renters, with high-end finishes and luxurious amenities. Located on 13 acres, the property consists of 12 three-story residential buildings offering one-, two- and three-bedroom units ranging from 821 to 1,398 square feet. The gated community offers a range of high-end amenities, including a lakefront clubhouse and pool, 24-hour fitness center, coffee bar lounge, BBQ area, dog park, dog wash station, electric vehicle charging stations, a car wash station, and abundant parking with carports. On-site management, valet trash service, and storage units are also available.
Conveniently located off Interstate 75, the property is just five minutes from the Florida Gulf Coast University campus, and near major employers like Hertz Global Headquarters, the Southwest Florida International Airport, Gartner Technology's South Campus, Chico's FAS Headquarters, NeoGenomics Laboratories Headquarters, and two brand-new medical facilities for Lee Health and HCA Healthcare.
Berkadia announced today the sale and financing of The River Lofts at Tobacco Row, a five-property portfolio featuring loft and townhouse-style residences comprising 742 units in Richmond, Virginia. This landmark transaction stands as the most significant real estate sale in Richmond this year, setting a new benchmark for the market. Berkadia’s DC Metro, Norfolk, and Richmond offices spearheaded the sales efforts, while the Philadelphia office led the financing efforts. Full deal participants are listed below.
The buyer was Boston-based West Shore. The deal closed on December 11.
“Closing this multimillion-dollar deal for historical multifamily properties in Richmond's prime urban area was a testament to the dedication and collaboration of both the buyer and seller,” said Senior Managing Director Drew White of Berkadia DC Metro. “Their commitment to preserving the city's rich heritage while investing in its future made this transaction truly rewarding.”
The River Lofts at Tobacco Row consists of five prime value-add multifamily properties in Richmond, Virginia’s storied Shockoe Bottom area:
· Cameron Kinney – 259 units located at 2400 E Carey Street.
· American Cigar Lofts – 174 units located at 2302 E Carey Street.
· Consolidated Carolina Lofts – 166 units located at 2220 E Cary Street.
· Lucky Strike Lofts – 131 units located at 2600 E Carey Street.
· Cutters Ridge Townhomes – 12 units located at 2605-2627 E Main Street.
The River Lofts at Tobacco Row boasts a prime location in one of Richmond’s most historically significant and desirable neighborhoods. Renowned for its charming herringbone brick sidewalks, the area offers an array of upscale dining, shopping, and entertainment options. Designed to embody the live-work-play lifestyle, these properties are perfectly suited for young professionals.
The properties offer unique architectural touches with highlights including exposed brick walls, wooden beams, and other exquisite features that appeal to the urban resident. Four of the five properties - Cameron Kinney, American Cigar, Consolidated Carolina, and Lucky Strike Lofts - are historic readaptations of their original warehouse uses that were converted between 1991 and 2008.
The sales effort was led by Senior Managing Director Drew White, Managing Director Carter Wood, and Director Cole Carns, while the financing efforts were expertly directed by Senior Managing Director Robert Falese, Associate Director Jake Adoni, and Senior Real Estate Analyst Kris Kadar.
