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Berkadia Arranges $38 Million Recap for New Jacksonville Apartments

14 September 2021

Berkadia announces it has arranged a $38.76 million loan for the recapitalization of The Solera at Kendall West, a 244-unit luxury apartment community built in 2020. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of the sponsor, Rich Properties.

Berkadia originated the Fannie Mae-backed 10-year loan, with a fixed interest rate and four years of interest only

Located at 1462 Solera Terrace, The Solera at Kendall West offers one-, two- and three-bedroom floor plans ranging from 827 square feet to 1,366 square feet. Individual units feature granite countertops, GE appliances including side-by-side refrigerators, walk-in showers, marble vanities, built-in wine racks, an in-unit washer/dryer, walk-in closets, smart home features, and patios and balconies. Some units offer private entries, semi-attached garages and lake views. The gated, dog-friendly community includes amenities such as a tropical pool, 24-hour fitness center with aerobics room, pickleball courts and a sports field, dog park and dog wash area, and BBQ/picnic area.

The property is ideally located just off I-295 in the Arlington Hills/Regency section of Jacksonville, approximately five minutes from the Jacksonville Arboretum Gardens and 12 minutes from Downtown Jacksonville.