Berkadia announces it has secured a $27.69 million loan for the acquisition of 161 out of 248 units at Harbourtowne at Country Woods, a fractured condominium community in Palm Harbor, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami arranged the financing on behalf of the buyer, ESG Kullen.

 

A regional bank provided the five-year loan at a highly competitive spread that included three-years of interest only and future funding for additional unit purchases and CapEx renovations.

 

“ESG Kullen was able to capitalize on their successful track record in the fractured condo space and identify a highly desirable fractured condo community in a high growth market, with a significant asset level of upside opportunities,” said Apone. “Their long-term experience in this asset space, and the Florida markets, provided an array of debt options with a bank execution that offered the best combination of flexibility and leverage, while also bringing a highly competitive interest rate versus traditional debt fund lenders.”

 

Located at 1697 Nantucket Court, Harbourtowne at Country Woods offers one-, two- and three-bedroom units that average from 675 to 1,300 square feet. Individual amenities feature all-electric kitchens, ceiling fans, central air and heating, a pantry, walk-in closets, washer and dryers or connections and wood burning fireplaces. Community amenities include a swimming pool, spa, fitness center, tennis court, racquetball court, a picnic area with barbecue, a clubhouse, guest parking and on-call maintenance.

 

Harbourtown at Country Woods is nestled between St. Petersburg and Tampa and offers easy access to County Road 1, close to the Gulf of Mexico beaches, The Caladesi Island State Park, the Innisbrook Resort & Golf Club, the Fred Marquis Pinellas trail, Pop Stansell Park and it is 30 minutes away from the Tampa International Airport.

DoveHill Capital Management acquired the recently renovated full-service hotel

Berkadia Hotels & Hospitality announces it has arranged the sale and financing of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-key hotel in Deerfield Beach, Florida. Managing Directors Michael Weinberg and Preston Reid and Senior Director Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Vista Hospitality, a private owner and operator of hotels and commercial properties based in Kitchener-Waterloo, Canada.

Vista Hospitality Group invested in excess of $7 million since 2018 in capital improvements that touched upon all aspects of the guest experience, making the DoubleTree Deerfield Beach a market-leading hotel that is ready for monetization from its new ownership.

Managing Director Scott Wadler of Berkadia Miami secured acquisition financing on behalf of DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale, Florida. A local Florida bank originated the three-year loan with two one-year extension options.

“The DoubleTree Deerfield Beach benefited from the strong leisure recovery that occurred coming out of the pandemic layered in with a return of group and corporate demand that has been more recent,” said Weinberg. “The strong cash flow was critical in getting this transaction closed in a very choppy capital markets environment.”

The DoubleTree Deerfield Beach – Boca Raton hotel was renovated in 2020 and it is located at 100 Fairway Drive. It consists of one nine-story building and spans 6.2 acres. Hotel amenities include an on-site restaurant, free parking, free Wi-Fi, an outdoor heated pool, a 24-hour fitness center, pet friendly rooms, digital keys and a business center with 22,000 square feet of meeting space. The hotel is near I-95, the Boca Raton business district, the Boca Raton Museum of Art, the Boca Town Center Mall. It is 10 minutes away from the beach, the Shops at Mizner Park and Florida Atlantic University and 25 minutes away from both the Fort Lauderdale International Airport and the Palm Beach International Airport.

Berkadia’s Hotels & Hospitality platform combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.

Morabito Properties, with the help of design firm Arquitectonica, redeveloped the former warehouse which will be occupied by Knotel, a flexible workspace platform

Berkadia announces it has arranged construction financing for the redevelopment of Wyncatcher, a former warehouse converted to a boutique office property with retail space and a rooftop terrace located in Miami’s Wynwood Arts District. Knotel, a flexible workspace platform founded in 2015 in New York, is slated to occupy the entire 46,072-square-foot property. Managing Director Scott Wadler and Senior Analyst Mike Basinski of Berkadia Miami secured the financing on behalf of Morabito Properties, a real estate developer based in Miami Beach, Fla.

 

Banesco provided the $11 million, eight-year term loan, with two years of interest only and an aggressive fixed interest rate. The sponsor also has the option to convert to a mini-perm loan for an additional five years.

 

“The addition of this building and a flagship Knotel location to the Wynwood neighborhood are a perfect fit. Flexible office space occupancy in Miami is at an all-time high, allowing newly migrated entrepreneurs and companies to enter the market and grow as needed. Wyncatcher will be a unique single-tenant building, particularly with Morabito’s attention to design-details,” said Wadler.

 

Located at 2143 Northwest 1st Avenue, Wyncatcher is a former stand-alone warehouse that has been converted into a boutique office property featuring chic industrial design, thanks to design firm Arquitectonica. The property boasts double-height, industrial-style windows, a rooftop terrace with views of the neighborhood and over 12,000 square feet of indoor and outdoor restaurant space.

Morabito Properties specializes in modern luxury properties designed by the world’s best architects, artisans and craftsmen. Other properties in its portfolio include Onda residences and Beach House 8. Wyncatcher is the developer’s first development in Wynwood.

Berkadia announces it has arranged the sale of Bend at Oak Forest, a 392-unit, garden-style multifamily workforce community located in Houston. Managing Director Jeffrey Skipworth, Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston represented the sellers, a partnership between Goldcor Capital Partners, a real estate investment corporation based in Houston and Excelsa, a real estate investment company based in Bethesda, Maryland.

Kastle Assets, a multifamily investment and management company based in Houston, acquired the property.

“Bend at Oak Forest is a unique value-add asset in the affluent Timbergrove area of Houston and represents a great investment opportunity for Kastle Assets.  The ongoing gentrification of the Timbergrove neighborhood and the proximity of the Houston Heights submarket ensure strong rental performance for Kastle. The new owners plan to implement a value-add strategy which will attract the growing segment of middle market renters seeking affordable but updated apartment options,” said Skipworth.

Located at 4000 Watonga Boulevard, Bend at Oak Forest offers one-, two- and three-bedroom apartments that average from 480 to 1,210 square feet. The updated individual unit amenities include wood-style flooring in entries, black or white appliance packages, frost-free refrigerators, walk-in closets, ceiling fans in bedrooms, and select-units feature; white shaker-style cabinets, kitchen pantries, carpeted bedrooms, washer and dryers, single basin undermount sinks and private patios and balconies. Community amenities include a clubhouse with Wi-Fi, a coffee bar, fully equipped fitness center, a swimming pool with seating and sundeck, a children’s playground, enclosed pet park, picnic tables with barbeque grills, open surface parking, clothes care centers and perimeter fencing and controlled access.

Bend at Oak Forest is near the sought-after Heights neighborhood Houston’s urban core with excellent accessibility to area amenities via the newly expanded Hwy 290, including Memorial Park, Downtown Houston, the Galleria Uptown District and the only Houston station for the planned Texas Central bullet train.

Berkadia announces it has arranged the sale and financing of 5 Oaks, a 228-unit, multifamily community in Houston. Managing Director Jeffrey Skipworth, Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston represented the seller, Haven Realty Capital, a Los Angeles-based real estate investment and management firm.

 

Director Johnny King of Berkadia Houston secured debt on behalf of the buyer, Lone Star Capital, a multifamily investment firm based in New York, N.Y.

 

“5 Oaks is in a well-positioned growth corridor of North Houston with limited new supply and an influx of corporate relocations nearby to The Woodlands, that will drive strong demand and support rent growth projections,” said Skipworth.

 

Located at 18203 Westfield Place, 5 Oaks offers one- and two-bedroom units that range from 464 to 1,043 square feet. Individual units feature open layouts, 9-foot and vaulted ceilings, wood-style flooring, cherry wood custom cabinetry, walk-in closets, soaking tubs, private patios and balconies and in-unit washers and dryers. Community amenities include a clubroom with social areas, a resident kitchen with a complimentary coffee bar, business center with free Wi-Fi, a 24-hour fitness center, swimming pool with a sundeck, lounges and cabanas, grilling stations, a dog park, and package lockers.

 

5 Oaks is in a popular enclave of North Houston that is close to CityPlace, ExxonMobil’s new global HQ campus, The Woodlands, the HCA Houston Healthcare Northwest Hospital, Bush Intercontinental Airport, Lone Star College North Harris Campus and North Houston’s only dog park in Lent Family Park.

 

Berkadia announces it has arranged the sale of The Baldwin, a brand new, 270-unit Class AA garden-style apartment community in Orlando, Florida. Managing Director Brett Moss, Associate Director Tyler Swidler, Senior Managing Director Matt Mitchell, and Senior Financial Analyst Bennett Hopkins of Berkadia’s Orlando and Tampa offices arranged the sale of behalf of the seller, Catalyst Development Partners. Middleburg Communities, a fully integrated multifamily development, investment, construction, and management company operating in the southeastern and mid-Atlantic United States, acquired the property.

“The Baldwin is well-poised to continue capturing the robust demand it experienced throughout lease-up due to its infill location, proximity to the prestigious Baldwin Park master-planned community, as well as its access to lauded Winter Park public schools. Orlando continues to benefit from outsized capital markets demand due to favorable population and employment growth metrics, underscoring strong multifamily fundamentals for the MSA into the foreseeable future,” said Moss.

Located at 800 Lombard Street and completed in 2022, The Baldwin offers one-, two- and three-bedroom apartment units that average from 756 square feet to 1,248 square feet. Individual units feature gourmet kitchens with granite counters, stainless steel and energy-efficient appliances, French door refrigerators, wood-plank inspired flooring, walk-in closets, full-sized washer and dryers, expansive pantries and storage closets, smart home features and spacious balconies or patio space. The controlled-access community’s amenities include a resort-style swimming pool with semi-private cabanas, a pool pavilion with outdoor gaming, a 24-hour fitness club, summer kitchen, clubroom with billiards, a business center, coworking spaces with complimentary coffee, a bark park, an auto care station and electric vehicle charging stations.

The Baldwin is located approximately 15 minutes east of downtown Orlando and 15 minutes west of the University of Central Florida, adjacent to the affluent award-winning Baldwin Park master planned community. The property is close to several award-winning public schools, the Central Florida Research Park, Lake Nona Innovation Hub, and within 25 minutes of more than 4,600 hospital beds, Universal Studios, Walt Disney World, and the Orlando International Airport.

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