Berkadia, a distinguished leader in thecommercial real estate sector, announces that it arranged a $58.33 million loan to refinance The Olivia, a 2018-built, Class A apartment community with 288 units located in Homestead, Florida, approximately halfway between Miami and the Florida Keys. 

Senior Managing Director Mitch Sinberg, Director Michael Basinski, Senior Managing Director Patrick McGlohn, and Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins of Berkadia Boca Raton, Miami, and DC Metro, secured the financing on behalf of Denver, Colorado-based Grand Peaks Properties and Washington D.C.-based Artemis Real Estate Partners. Grand Peaks has been the leading buyer of apartments in Miami-Dade County over the past decade, having acquired over 2,700 apartments.

Berkadia originated the Freddie Mac-backed seven-year, floating-rate loan. 

The partners acquired the property for $71 million in late 2021 in a Berkadia-brokered transaction and invested heavily in property enhancements over the last three years. 

“The sponsors had hyper-local experience in the sub-market allowing them to recognize value where others couldn’t and they executed the business plan to perfection,” said Basinski. 

“The Olivia has seen tremendous demand from Miami residents during our hold period, seeking high-quality modern housing at an attractive price point,” said Michael Sommers of Grand Peaks Properties. “We are committed to the long-term growth of the region, and this new loan allows for the continuation of a successful business plan with our partners at Artemis.” 

Located on 3.4 acres at 14981 Southwest 283rd Street, The Olivia offers spacious one-, two-, and three-bedroom floor plans up to 1,283 square feet. Individual apartments feature granite countertops, updated cabinetry, and in-home washer and dryer. Community amenities include a swimming pool; clubhouse with business center, fitness center, and coffee bar; a fenced in play area; and proximity to parks, walking paths, and outdoor recreation. 

The property is located just minutes from Route 1 and the Florida Turnpike, offering convenient access to major employment centers in Miami (45 minutes north) and theFlorida Keys (45 minutes south), and proximity to local favorites like Homestead Pavilion and Black Point Park & Marina. 

McCann Realty Partners ("McCann") and its joint venture partner, Artemis Real Estate Partners, announced the acquisition of Hickory Creek, a 294-unit apartment community located in Richmond, VA.  Built in 1984, the three-story garden-style property is located at 2344 Hickory Creek Drive in the West End of Henrico County.  The property is located just south of West Broad Street off Tuckernuck and Mayland Drive between Gaskins Road and Parham Road. The location provides excellent access to I-64, one of the main thoroughfares in the Richmond area with close proximity to employment and retail destinations, including West Broad Village,Short Pump, and the numerous retail options along West Broad Street. Hickory Creek has large floorplans and mature trees across approximately 20 acres. The property will be managed by Pegasus Residential.

The property presents a compelling value-add opportunity. McCann has a business plan focused on three value enhancement drivers: significant capital investment to repair deferred maintenance, upgrading the original 1984 unit interiors and amenities, and institutionalizing the property management.

"We really like the property's proximity to Innsbrook, the primary suburban office node in Richmond.  By investing significant capital in this property we will be able to enhance our residents living experience and create value for our partnership," said McCann's Vice President of Acquisitions, Thomas Upson.

"We are excited to acquire an asset in the Richmond market," said Matt Akin, President of McCann. "Hickory Creek fits our value-add strategy with near-term opportunities to significantly improve the overall positioning of the property, including interior, exterior and common space upgrades. This acquisition provides the opportunity to reposition an asset in a good submarket with great proximity to so many retail and employment options.  We are pleased to work with Artemis on this transaction and look forward to building a long-term partnership with them."