Miami, Fla. (July 1, 2020) – Berkadia announces it has secured $14.36 million in financing for the recapitalization of First & Sixth Apartments, a new 100-unit high-rise apartment building located in the Miami River District of Miami, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of borrower, The Eastern Atlantic Companies.
Berkadia originated and Freddie Mac purchased the 10-year, fixed-rate loan with three years interest only, at a 62 percent loan to value.
“Working through the pandemic is never easy, but with cooperation of the borrower and lender we were able to get it done,” said Foschini. “This transaction is among the first in the city to be developed within their AMI overlay giving substantive bonuses to developers who build with an eye to serving the needs of the greater Miami community. Freddie Mac’s support of this loan with its understanding of the nuances and their exceptional terms will bring long-lasting benefits to the investors and tenants alike. Berkadia is pleased to partner with Freddie Mac in this transaction and pave the way for future developments that enable a more attainable rental price point to Miami’s residents.”
Located at 35 SW 6th Avenue, First & Sixth was built in 2019 and is situated in Northwest Brickell, overlooking the Miami River. It is the first apartment development to be completed under new Miami 21 zoning codes allowing for increased density, and decreased parking requirements, in exchange for incorporation of affordable housing. Eighty of the units are market rate; 20 are affordable. The 14-story property includes a mix of studio, one-, and two-bedroom apartments ranging in size from 350 square feet to over 1,100 square feet, with floor to ceiling windows and panoramic views of the city. Community amenities include a sky deck with swimming pool, a 24-hour fitness center, bicycle storage, a covered parking garage, and Wi-Fi in common areas.
First & Sixth is conveniently located two blocks from the Miami River, and less than five minutes from Route I-95, Brickell City Center, the Fifth Street Metromover Station, and several major employment and shopping centers.
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.
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