Trending Multifamily News
Berkadia announced today the sale and financing of The River Lofts at Tobacco Row, a five-property portfolio featuring loft and townhouse-style residences comprising 742 units in Richmond, Virginia. This landmark transaction stands as the most significant real estate sale in Richmond this year, setting a new benchmark for the market. Berkadia’s DC Metro, Norfolk, and Richmond offices spearheaded the sales efforts, while the Philadelphia office led the financing efforts. Full deal participants are listed below.
The buyer was Boston-based West Shore. The deal closed on December 11.
“Closing this multimillion-dollar deal for historical multifamily properties in Richmond's prime urban area was a testament to the dedication and collaboration of both the buyer and seller,” said Senior Managing Director Drew White of Berkadia DC Metro. “Their commitment to preserving the city's rich heritage while investing in its future made this transaction truly rewarding.”
The River Lofts at Tobacco Row consists of five prime value-add multifamily properties in Richmond, Virginia’s storied Shockoe Bottom area:
· Cameron Kinney – 259 units located at 2400 E Carey Street.
· American Cigar Lofts – 174 units located at 2302 E Carey Street.
· Consolidated Carolina Lofts – 166 units located at 2220 E Cary Street.
· Lucky Strike Lofts – 131 units located at 2600 E Carey Street.
· Cutters Ridge Townhomes – 12 units located at 2605-2627 E Main Street.
The River Lofts at Tobacco Row boasts a prime location in one of Richmond’s most historically significant and desirable neighborhoods. Renowned for its charming herringbone brick sidewalks, the area offers an array of upscale dining, shopping, and entertainment options. Designed to embody the live-work-play lifestyle, these properties are perfectly suited for young professionals.
The properties offer unique architectural touches with highlights including exposed brick walls, wooden beams, and other exquisite features that appeal to the urban resident. Four of the five properties - Cameron Kinney, American Cigar, Consolidated Carolina, and Lucky Strike Lofts - are historic readaptations of their original warehouse uses that were converted between 1991 and 2008.
The sales effort was led by Senior Managing Director Drew White, Managing Director Carter Wood, and Director Cole Carns, while the financing efforts were expertly directed by Senior Managing Director Robert Falese, Associate Director Jake Adoni, and Senior Real Estate Analyst Kris Kadar.
One Real Estate Investment is building “The One at Hope Mills” in Fayetteville
Berkadia has arranged senior construction financing for The One at Hope Mills, a 360-unit garden-style multifamily development in the rapidly expanding Fayetteville, North Carolina market.
Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson, Scott Wadler and Matt Robbins of Berkadia South Florida secured acquisition financing on behalf of the sponsor, One Real Estate Investment (OREI), a real estate investment and management firm based in Miami, Florida.
City National Bank of Florida with Abanca provided the $47 million floating rate construction loan for the project. Construction will begin in the third quarter of this year and the property is scheduled for completion in the second half of 2024.
Founded in 2001 by Jeronimo Hirschfeld, OREI is a leading multifamily investment firm with a portfolio of garden-style apartment communities valued at more than $1.5 billion in several high-growth markets across the Sun Belt. In 2022, OREI broke ground on over 800 units and has over 1,500 units in planning for 2023.
“The Sponsor’s investment thesis is driven by the favorable rental market in Fayetteville, which experienced 16.8 percent year-over-year rent growth, while the vacancy rate has compressed due to limited supply and a strong job growth,” said Williamson. “Hope Mills is being transformed by the southwest expansion of the I-295 Outer Loop, providing commuters with quicker access to Fayetteville and Fort Bragg while enabling the emergence of area’s logistics corridor.”
Located 3680 Elk Road, The One at Hope Mills will consist of 11 three-story buildings and a clubhouse on a 46-acre site approximately six miles southwest of downtown Fayetteville and three miles west of Fayetteville Regional Airport. The property will feature a mix of one-, two-, and three-bedroom floor plans with best-in-class amenities.
Community amenities will include a resort-style pool, an outdoor cabana with TV’s, a game room with billiards and shuffleboard, and a state-of-the-art fitness center amongst many others.
The One at Hope Mills benefits from its proximity to several retailers including the high-end grocer Harris Teeter and the area’s main retail corridor, N Main Street. The property also will benefit from the expansion of I-295 Outer Loop, which will provide excellent interstate connectivity for the region and a direct connection from Fort Bragg to I-95 south of the city.
“We’re thrilled to present our second residential development in the Fayetteville metro area,” stated Jeronimo Hirschfeld, President and CEO of OREI. "This project represents a unique and very exciting opportunity that capitalizes on continued growth in the market. We look forward to expanding our presence throughout the Southeast region with additional development opportunities in high growth markets with strong fundamentals.”
Berkley Hall Companies is the general contractor, BSB Design is the architect, and Site Design Inc. is the civil engineer for The One at Hope Mills.
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.