Trending Multifamily News
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.
Berkadia announces it has arranged $43.2 million in financing for the acquisition of Legends at ChampionsGate, a 252-unit multifamily community in Orlando, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of global real estate private equity firm, Taurus Investment Holdings, which acquired the property for $53.8 million.
This investment represents Taurus’ fifth multifamily acquisition in Central Florida. “Legends at ChampionsGate is a high quality asset and its profile aligns well within our multifamily strategy,” said Nick Clark, Managing Director of Taurus Investment Holdings.
Bank financing was secured for the 3-year, floating rate loan with a full term IO at a 75 percent LTC, with additional funds to finance a capital improvements plan.
“Orlando continues to impress with its resilient job market and consistent flow of in-migration, making it one of the most attractive markets in a state that heavily competes with the rest of the Sun Belt region,” said Robbins. “As hospitality and tourism continue to bounce back, the area’s labor pool will undoubtedly benefit, along with other key sectors that offer upward mobility and career longevity including advanced manufacturing, aerospace and defense, financial technology and life sciences and healthcare.”
Built in 2002, Legends at ChampionsGate is located at 8101 Champions Cir. One-, two- and three-bedroom units include built-in shelving, french doors, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities feature a swimming pool, fitness center, playground, business center and yoga room.
Situated in the Champions Gate neighborhood just south of Downtown Orlando, the community is found less than 10 minutes away from Interstate 4, providing direct access throughout the greater Orlando area and central Florida. Major employers including Walt Disney World and Universal Orlando Resort are about 15 and 25 minutes away, respectively. Lakeland, Florida, which is quickly becoming the logistics hub of Florida, has a corporate presence that includes FedEx, Amazon Saddle Creek Logistics Services and Publix.
Berkadia announces it has arranged $58.68 million in refinancing for Advenir at San Tropez, a 480-unit community in Pembroke Pines, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the loan on behalf of Advenir at San Tropez, LLC.
Berkadia originated and Freddie Mac purchased the fixed rate, 7-year loan with partial interest only and a 70% LTV.
“The South Florida rental market has shown clear fundamentals that indicate continued occupancy and rent growth throughout the region,” said Foschini. “This past quarter, effective rents rose by 1.4% to $1,737, with over 6,600 absorbed units easily outpacing the 4,800 delivered. Retaining a property of this size, that’s located in the center of the region, offered a clear opportunity for the owner to continue taking advantage of the area’s demand for multifamily housing.”
Built in 1975, Advenir at San Tropez is located at 7840 NW 3rd St. One- and two-bedroom units range from 625 to 850 square feet. The community features an array of amenities including laundry facilities, BBQ and picnic areas, and three swimming pools.
Situated near the Boulevard Heights neighborhood of Pembroke Pines, Advenir at San Tropez is lcoated near multiple employment and entertainment hubs. North Perry Airport and Broward College-South Campus are adjacent the property, with Seminole Hard Rock Hotel & Casino only 15 minutes away and Fort Lauderdale–Hollywood International Airport situated about 25 minutes away.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
Berkadia announces it has arranged the sale and financing of 153 condominium units at Breezes at Palm-Aire, a 288-unit, garden-style residential community located in Pompano Beach, Fla. The buyer was Axonic Properties, LLC managed by Jonathan Shechtman, a New York-based investment advisor. The $25.39 million sale price breaks down to $166,000 per door.
Director Yoav Yuhjtman of Berkadia Boca Raton, along with Senior Managing Directors Roberto Pesant and Jaret Turkell, arranged the sale on behalf of entities controlled by Jorge Garcia-Sarraff and Ruben Garcia-Sarraff. Managing Director Brad Williamson of Berkadia Miami assisted in financing a loan from Key Bank on behalf of Axonic.
“Berkadia was engaged to market this property to a very select group of experienced fractured condo buyers,” said Yuhjtman. “The outstanding condition of the asset, combined with the property’s central South Florida location between Miami and West Palm Beach, generated ample interest and gives the new owner an opportunity to achieve significant upside on rents following a comprehensive renovation program.”
“We are excited to expand our footprint in Southeast Florida,” add Jonathan Shechtman, Managing Principal of Axonic Properties.
Built in 1987 and located at 2801 North Course Drive, Pompano Beach, Breezes at Palm-Aire features one- and two-bedroom units ranging in size from 735 square feet to 1,120 square feet, all with in-unit washer and dryer. Amenities include a pool and fitness center. The centrally located property is just five minutes west of I-95 and five minutes east of the Florida Turnpike, directly off West Atlantic Avenue. The property is one hour north of Miami and one hour South of West Palm Beach, in one of South Florida’s largest commercial and retail corridors.
Berkadia announces it has arranged the $68.5 million sale and $36.25 million financing of Veere Apartments, a 250-unit class AA garden style community located in Orlando. Managing Directors Brett Moss and Matthew Wilcox, alongside Associate Director Tyler Swidler of Berkadia Orlando, secured the sale on behalf of Epoch Residential. Managing Director Michael Weinberg and Associate Directors Wesley Moczul and Alec Fox of Berkadia Orlando arranged the financing on behalf of the buyer, Blackfish Investments.
Nationwide Life Insurance Company originated the 10-year, fixed rate loan with full term IO.
“Despite the pandemic-related headwinds and Orlando’s perceived exposure to tourism and hospitality, the Veere process was extremely competitive and garnered significant interest from a diverse range of investors looking to capitalize on Orlando’s robust growth trajectory and strengthening market fundamentals,” said Moss. “The combination of Veere’s remarkable asset quality and highly sought-after Tourist Corridor location uniquely position the property to provide significant long-term value,” added Wilcox.
“The borrower had significant 1031 equity to put to work, so we structured a low leverage loan at a coupon of around 3% with full term I/O,” added Weinberg. “It was a smooth execution by Nationwide, one of Berkadia’s top correspondent life companies, and the borrower side, as well.”
“As a buyer, we were very impressed and pleased with Berkadia’s communication and responsiveness. The sale/purchase process and the acquisition of debt was seamless, and we couldn’t have been more pleased,” said Dave Freeman, founder of Blackfish Investments.
Built in 2020 by Winter Park-based developer Epoch Residential, Veere is located at 10000 Palma Linda Way. One-, two- and three-bedroom units include stainless steel appliances, contemporary cabinetry, granite countertops, wood-plank style flooring, walk-in closets, USB charging ports and electronic keyless entry. Community amenities feature a two-story clubhouse with complimentary Wi-Fi, a resort-style pool, Luxer One package system, a two-story fitness center, resident library with work spaces and a gated dog park with indoor pet spa.
Situated in Orlando’s renowned Tourist Corridor submarket, the community is about 15 minutes away from world-famous attractions including Walt Disney World, Universal Orlando, and SeaWorld. Additional major employers in the area include Lockheed Martin, Marriott Vacations Worldwide, Wyndham Destinations, Orlando Health, and AdventHealth, among others.
Veere will also benefit from the upcoming $1B mixed-use O-Town West project by Unicorp National Developments. Featuring office, retail, medical, hotel and residential uses, the development is located immediately north of Veere and introduces a host of day-to-day conveniences and amenities within walking distance of the community.
Berkadia announces it has arranged the sale and financing of Arbour Court, a 75-unit garden-style apartment community located in Burien, a suburb of Seattle, Wash. The property traded for $19.1 million.
Senior Managing Director Kenny Dudunakis and Senior Directors Ben Johnson and David Sorensen of Berkadia Seattle arranged the sale on behalf of the seller, Kuhar Bay Club LLC.
Managing Director Robert Doxsee and Associate Director Michael Manolides of Berkadia Seattle, and Managing Director Brad Williamson of Berkadia Miami, arranged financing for the buyer, a private group of local investors. Berkadia secured a $15 million loan through New York-based Ready Capital.
“Arbour Court is an attractive property that is poised to take advantage of a rapidly growing South Seattle submarket and offers the new owner significant upside through a future value-add program. We believe this was a very successful result for the buyer and seller alike,” said Sorensen.
“Our client wanted flexible terms that would allow them to not only acquire, but also significantly improve the asset. We were able to secure competitive financing that gave them both a flexible 4-year structure with full term interest-only, as well as provide funding for 100% of future CapEx,” said Doxsee.
Built in 1990 and located 2225 S 112th St, Arbour Court offers one-, two- and three-bedroom floor plans ranging from 700 square feet to 1,030 square feet. Units feature gourmet kitchens, fireplaces, large walk-in closets and in-unit washer and dryer. Shared community amenities include an indoor pool, sauna, and fitness center.
Arbour Court is ideally located just 30 minutes south of Seattle, with access to all major freeways including I-5, I-405, I-18, and I-167. It is also just a short drive from the light rail, SeaTac Airport, and Southcenter Mall.