Berkadia announces it has secured financing for the acquisition of Opus Apartments, a 63-unit, multifamily community in Naples, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured financing on behalf of the buyer Great America Holdings, based in Miami, Fla.
Cohen & Company originated the $11.94 million, three-year, floating-rate loan with full-term interest only and two 12-month extensions. It comprises $11.25 million in initial funding and $693,000 of future funding.
“Naples is one of the most desirable cities in the country with a projected job growth of nearly 40 percent in the next 10 years,” said Foschini “Opus Apartments are located in Collier County which is popular destination for businesses and is experiencing explosive population growth, outpacing Miami-Dade County.”
Located at 5570 16th Place, Opus Apartments offer studio, two- and three-bedroom apartment units ranging from 450 square feet to 1,600 square feet. Individual units include two parking spaces and feature spacious floorplans, fully equipped and upgraded kitchens, upgraded bathrooms, Formica and granite countertops, washer and dryer connections, large and private screened-in balconies and patios.
Located in the Golden Gate Area of Naples, Opus Apartments are located less than two miles from I-75, and it is near Physicians Regional Hospital, the Southwest Florida Regional Medical Center, Clam Pass Park, Naples Beach & Pier, and Tiburon Golf Club. There are over 6,000 businesses within a five-mile radius.