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Berkadia Arranges $14.5 Million Refinance for Holiday Inn & Suites Orlando SW – Celebration Area Hotel
ORLANDO – Berkadia announces it has arranged the refinancing of Holiday Inn & Suites Orlando SW – Celebration Area, a 444-key, full-service hotel in Kissimmee, Fla. Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Hotels & Hospitality secured the financing on behalf of the owner Palm Holdings, a hotel management and development company based in Toronto, ON.
Palm Holdings is an award-winning, family-owned group of companies that have been recognized as an industry leader in the hospitality and real estate sector with a portfoliothat consists of 20 hotels containing 3,200 keys, including 4 hotels comprising nearly 1,000 keys in the state of Florida. Palm Holdings purchased Holiday Inn & Suites Orlando SW- Celebration Area in 2017, and have since spent over $6 million on renovations, including half of the hotel keys, new elevators and refreshed common areas.
Orlando-based One Florida Bank provided the five-year term loan.
“We’ve had a longstanding relationship with Palm Holdings and the Taneja family, having advised them on a number of sales and financings domestically,” said Weinberg. ”The Orlando hospitality market’s strong recovery, showing RevPAR metrics well in excess of 2019 numbers, was a key consideration in capturing lender interest.”
Built in 1984 and renovated in 2019, the Holiday Inn & Suites Orlando SW – Celebration Area Hotel is located at 5711 West Irlo Bronson Memorial Highway. Hotel amenities include daily housekeeping, outdoor pools, a game room, the Trattoria Café, a fitness center, meeting facilities, Wi-fi and on-site parking. The hotel is proximate to many of Orlando’s lodging demand drivers including Walt Disney World Resort, Universal Studios Resort and the Orange County Convention Center.
Berkadia's Hotel & Hospitality team continues its streak of transactions in the Orlando market with the refinance of Holiday Inn & Suites. This recent achievement follows the team's Q4 2022 sale and financing of the Castle Hotel, Autograph Collection - a 213-key boutique hotel located on International Drive.
Berkadia Hotels & Hospitality 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.
Prose Concord, was completed in 2022, and is located in close proximity to Atlanta
Jefferson, GA – Berkadia announces it has secured the $45 million loan for the acquisition of Prose Concord, a 300-unit multifamily community in Jefferson, Georgia. Managing Director Scott Wadler, Senior Director Matt Nihan, and Senior Managing Director Mitch Sinberg arranged the financing on behalf of the buyer, an affiliate of Beacon Real Estate Group, a commercial real estate firm based in Coral Gables, Florida.
Freddie Mac provided the 10-year term loan, with five years of interest-only, and a fixed interest rate.
“Prose Concord is a well-constructed, new vintage asset in a high growth submarket,” said Wadler. “We were primed to lock in attractive leverage and fixed-rate pricing for Beacon, relative to where interest rates had been at the beginning of 2023.”
Located at 575 Concord Road, Prose Concord was built in 2022 and offers one- and two-bedroom apartments that range from 836 square feet to 1,188 square feet. Individual units feature modern stainless steel appliances, kitchen islands, custom cabinetry with granite countertops, washers and dryers, wood-style flooring, walk-in closets and kitchen and linen pantries. Community amenities include a resort-style pool, a clubroom with a catering kitchen and an entertainment lounge, a business center with coworking spaces, landscaped courtyards, a concierge package locker system, a fitness center, an oversized pet park and Wi-Fi throughout social spaces.
Located within an hour’s drive from Metro Atlanta and 30 minutes from Athens, Prose Concord provides quick access to the I-85 corridor, numerous employment destinations, the University of Georgia and the North Jefferson Business Park.
Tampa, Fla. – Berkadia announces it has arranged the refinancing of two properties in Florida: Gables at Honore in Sarasota, Fla., and Lodge at Woodlake in Lakeland, Fla. Senior Managing Director Mitch Sinberg, Managing Director Matt Robbins of Berkadia South Florida secured the financing for both properties on behalf of the owner Insula Companies, a boutique real estate investment company based in Sarasota, Florida.
A bank provided the $8.15 million, five-year, fixed-rate loan with three years of interest only for Gables at Honore, and Freddie Mac provided the $18 million, seven-year, fixed-rate loan, with five years of interest only for Lodge at Woodlake.
“Insula’s continued capital improvement investment coupled with Central Florida’s strong rent growth, allowed them to refinance both properties with an attractive fixed rate debt,” said Robbins.
Built in 1993 and located at 3400 Tyne Lane, Gables at Honore is a 54-unit apartment community of two-, three- and four-bedroom apartment homes that range from 890 square feet to 1,320 square feet. Individual units feature vaulted ceilings, washer and dryer hook ups, ceiling fans, screened patios, backyards and one-car attached garages. Community amenities include a swimming pool with poolside hammocks, a grill and picnic area, a clubhouse, a business center, on-site maintenance and an outdoor activity area. Gables at Honore is close to Centergate Plaza, Urfer Family Park and the Sarasota–Bradenton International Airport.
Lodge at Woodlake is a 188-unit apartment community, built in 1975 and located at 1475 Woodlake Drive. It offers one-, two-, and three-bedroom apartments that range from 935 square feet to 1,515 square feet. Individual units feature energy-efficient appliances, large walk-in closets, a breakfast bar and large screened patios. Community amenities include a resort-style swimming pool, fitness studio, laundry center, playground, bark park, clubhouse with coffee bar, and package receiving.
HOUSTON (April 20, 2022) – Berkadia announces it has arranged the sale and financing of Broadstone Memorial, a 401-unit, 2007 built multifamily community in Houston’s Energy Corridor. Senior Managing Directors Todd Marix and Chris Curry, Managing Directors Jeffrey Skipworth, Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston represented the seller, AEW Capital Management, a real estate investment management company based in Boston, Massachussetts.
Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin secured financing through the U.S. affiliate of an international bank on behalf of the buyer Atlantic | Pacific Companies, a real estate investment and management company based in Boca Raton, Fla.
“Broadstone Memorial is an institutionally owned and maintained multifamily asset in a top-performing submarket with prime visibility and a strategic location next to two of the largest employers in this area,” said Marix. “It has proven value-add on its rent roll and offers new ownership consistent cash-flow and long-term value appreciation.”
Located at 875 North Eldridge Parkway, Broadstone Memorial offers one-, two- and three-bedroom homes ranging from 628 square feet to 1,766 square feet. Individual units feature 10-foot ceilings, wood-inspired flooring, granite or quartz countertops in kitchens, kitchen pantries, linen and walk-in closets, full-sized washer and dryers and a built-in bookshelf, fireplace and wine chillers in select homes. Community amenities include a modern clubhouse, gourmet latte and tea lounge, an executive business center, game room, spin room, a resort-style pool with sundecks and cabanas, charcoal grills, fenced dog park, package lockers and bicycle storage racks.
Broadstone Memorial has a strategic location that is in walking distance to the Energy Corridor, and it is near the Westchase District, Memorial City, Town & Country Village and Ray Miller Park. Atlantic | Pacific will rename the asset The Atlantic Memorial, with plans to make interior and exterior improvements. The renovations will include amenity enhancements and the addition of quartz countertops. Atlantic | Pacific now owns 17 properties in Texas.
Berkadia announces it has arranged the sale and financing of Jupiter Isle Apartments, a 359-unit value-add, garden-style apartment community located in the northern Palm Beach County city of Jupiter, Fla. Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Northland. S2 Capital, a national value-add multifamily investor with more than $9 billion in transaction volume, acquired the property for an undisclosed amount.
Managing Director Nathan Stone, and Associate Directors Brad Mason and Guy Griffith, along with Analyst Heather Culver of Berkadia Dallas, secured financing on behalf of S2 Capital.
“Jupiter Isle is a well-kept apartment community ideally located in an affluent community east of I-95, less than a 30-minute drive from the booming West Palm Beach/Delray Beach markets,” said Turkell. “The new owner has the opportunity to elevate the property’s finishes to compete with newer product, in a climate in which multifamily fundamentals have never been stronger.”
"We are excited to invest in Jupiter Isle and believe the property represents a compelling investment for both the community and our investors," said Davey Leach, VP of Acquisitions at S2 Capital. "The county as a whole is enjoying growth, but with constrained supply and very limited new construction, the Jupiter submarket in particular offers tremendous opportunity to transform an older community into a market-leading option for its growing number of residents."
Located on 30 acres at 6705 Mallard Cove Road, Jupiter Isle Apartments is a Class B, two-story apartment complex built in 1984. It features one-and two-bedroom units, multiple swimming pools, and other outdoor amenities. Over the next two years, S2 expects to complete a $5 million plus renovation to enhance common areas and remodel unit interiors. Improvements will include exterior painting and balcony repair; renovation of the leasing center, fitness center, and gym; and interior unit upgrades including stainless steel appliances, hardware and countertop upgrades, and the installation of new floors and ceramic tile showers. The refurbishment will position the property for future buyers as a premium asset in a supply constrained market with exceptional demographics.
The property lies in the Jupiter/Palm Beach Gardens submarket of Palm Beach County, approximately 16 miles north of Palm Beach. It boasts convenient access to nearby jobs, retail establishments and entertainment, and is located 10 minutes from Jupiter’s beaches and 25 minutes from Palm Beach International Airport.
The Carter @ 4250, located outside of Atlanta, was refinanced with $33.12 in debt and $16.55 million in equity
ATLANTA (October 13, 2021) -- Berkadia announces it has secured debt for the refinance of The Carter @ 4250, a 300-unit apartment community located in Norcross, Georgia, on behalf of Miami-based One Real Estate Investment (OREI). In addition, Berkadia also sourced a capital group to recapitalize the sponsor’s equity partner.
Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami arranged a $33.12 loan through Freddie Mac. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up an equity partner, MLG Capital, to complete the equity stack for OREI.
Freddie Mac provided a 10-year, floating-rate loan with a competitive rate and five years of interest-only. MLG Capital contributed $16.55 million in equity to the deal.
“The Carter underwent an extensive value-add program by OREI prior to its recapitalization,” said Williamson. “We are excited to see OREI continue its plan and create value at the property for both the tenants and the new equity partner.”
“OREI has continued to grow its multifamily portfolio and is now over 5,000 units in Texas and the Southeast,” said Jeronimo Hirschfeld, CEO of One Real Estate Investment CEO. “In an effort to capitalize on this dynamic market and deliver superior returns to our investors while still maintaining our portfolio, we opted to recapitalize a strong performing asset in an excellent submarket of Atlanta.”
Berkadia has arranged debt and equity for OREI’s multifamily portfolio expansion several times over the past two years.
Built in 1985, The Carter 4250 is located at 4250 Jimmy Carter Boulevard and offers one- and two-bedroom apartments ranging from 707 square feet to 1,052 square feet. Individual units feature hardwood-style flooring, stainless steel appliances, a gas range, modern shaker-style cabinetry, large closets, carpeting, electronic thermostats, washer and dryer hookups and patio/balconies. Community amenities include a saltwater swimming pool, a fitness center with free weights, a playground, dog park, laundry center and a BBQ/Picnic area.
It is situated near Interstate I-85 and Jimmy Carter Boulevard providing quick access to downtown Atlanta , minutes away from the Fountain of Gwinnett, Lions Club Park and a half hour away from the Hartsfield-Jackson Atlanta International Airport.