Lake Worth, Fla. – Berkadia has arranged the $25.64 million sale and finance of Oakwood Apartments, a rare 160-unit apartment community featuring all four-bedroom townhome-style units located in Lake Worth. Senior Director Tal Frydman, Director Yoav Yuhjtman, and Associate Director Nicholas Perrone of Berkadia’s South Florida office represented the sellers, Coast Capital Partners and Naya USA. Senior Director Brad Williamson and Director of Operations Jared Hill of Berkadia arranged the $19.231 million acquisition loan on behalf of the borrower, One Real Estate Investment.

Freddie Mac originated a seven-year, fixed-rate Green Up loan with a 75 percent LTV ratio.

“The property was last traded in 2014 for $12.9 million and was sold for a considerable gain, thanks to property improvements and renovations carried out by the previous owner and South Florida’s competitive multifamily market,” said Yuhjtman.

 “Palm Beach County is increasingly becoming one of South Florida’s most attractive investment locations,” said Williamson. “The area has diversified its economic base, strengthening its financial, technology, manufacturing, agricultural and tourism sectors to complete a transformational process throughout the county. Ranked among the top 100 ‘Best Places to Live,’ Palm Beach County is poised for further growth while highlighting accelerated employment, local amenities, and universities.”

“Oakwood presents a unique unit mix and compelling value-add opportunity which our firm specializes in,” added Jeronimo Hirschfeld, CEO of One Real Estate Investment. “Our planned enhancements will further improve the entire community’s amenities and interiors.”

Built in 1993, Oakwood Apartments is located at 2425 Second Avenue North, and comprises160 two-story attached townhome units each with four bedrooms and 2.5 bathrooms and 1,252 square feet of space. Community amenities include swimming pool, clubhouse, business center, gym, internet café, and onsite management. Rents range from $1,500 to 1,700 for renovated units.

The community is conveniently located close to Interstate 95 and is less than 25 minutes away from Downtown West Palm Beach and Boca Raton. 

Orlando, Fla. – Berkadia has arranged $37.939 million in acquisition financing for Arrow Ridge, a 320-unit apartment community in Kissimmee. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s South Florida office secured the loan on behalf of Insula Companies, a real estate investment firm based in Sarasota.

Freddie Mac originated the 10-year floating rate Green Loan with five years interest only and a competitive spread over LIBOR.

“With steady increases in payroll employment and a declining unemployment rate already below the state average, the Interstate 4 corridor is an attractive market for multifamily investment that will deliver continued demand,” said Robbins. “With population increases and Brightline’s proposal to build a route between Orlando and Tampa, a tailored approach to financing in highly competitive metro areas was required.”

Built in 1999, Arrow Ridge is located at 4100 Arrow Ridge Place. One-, two-, three-, and four-bedroom units include walk-in closets, vaulted ceilings, washer/dryer, and high speed internet access. Community amenities include fitness center, pool with covered cabanas and sundeck, clubhouse, covered children’s area, and sparkling pond.

Situated less than 15 minutes away from Downtown Kissimmee, Arrow Ridge is located near major employment hubs and transit routes. Walt Disney World is less than 20 minutes away and Kissimmee Gateway Airport - ISM is less than 10 minutes away. U.S. 192 is less than five minutes away, and Interstate 4 is less than 20 minutes away, offering easy access to Downtown Orlando.

Orlando, Fla. – Berkadia has arranged $47.675 million in acquisition financing for Veve at Castle Hill, a 328-unit multifamily community located in the Clermont submarket of Orlando. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Lourdes Carranza-Alvarez secured the loan on behalf of Advenir, a real estate investment and management firm based in Miami.

Freddie Mac originated the 10.5-year loan with 10 years interest only. The LTV ratio was 70 percent.

“The Orlando MSA has proven to be a well-established multifamily market for numerous reasons. With an economically diverse center for business, excellent location in central Florida and moderate cost of living, the area will continue to attract investment as strong market performance is expected despite rising interest rates,” said Foschini. “Orlando’s below state average unemployment rate and exponential growth trend create exceptional fundamentals for a flourishing multifamily market.”

Built in 2017, Veve at Castle Hill is located at 13600 Hartle Groves Place. One-, two-, and three-bedroom units feature faux wood plank flooring, raised panel interior doors with brushed nickel hardware, washer and dryer, chef-inspired kitchens, and high-end European-style vanity doors with brushed nickel hardware. Community amenities include a 4,200-square-foot swimming pool, sun deck with cabanas, fire pit, massage room, clubhouse and 24-hour fitness center.

Situated in the Clermont submarket of the Orlando MSA, Veve at Castle Hill is found near important transit routes and employment hubs. Florida’s Turnpike and West Colonial Drive are less than 10 minutes away, providing easy access to downtown Orlando and Orlando International Airport. Universal Orlando is less than 30 minutes away and Walt Disney World is under 40 minutes away from the community, offering close proximity to major economic drivers.

Mansfield, TX – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Advenir at Mansfield, a 334-unit garden-style apartment community located in Mansfield. The property will undergo $1,528,190 in improvements and will be the firm’s 19^th acquisition in Texas and their second in the Dallas-Fort Worth metro area.

American Landmark, and its debt and equity partner Electra America, are selectively acquiring value-add properties in strategic locations across the Southeast and Southwest. The firm, whose property portfolio currently consists of approximately 23,000 apartments in five states, expects to complete $1.5 billion in multifamily acquisitions in 2018. All of its newly acquired properties are upgraded and modernized, providing many of the amenities today’s renters desire most.

Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia South Florida, along with Senior Managing Director Bob Falese and Senior Director Matt Cullison of Berkadia’s Philadelphia office, arranged the loan on behalf of American Landmark.

“The Dallas-Fort Worth area has always been an attractive market, more so with its economy expanding and record low unemployment.  These fundamentals are conducive to continued demand,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “We are capitalizing on the inherent suburbanization of the DFW MSA facilitated by the recent completion and opening of State Highway 360, providing quick access to downtown employment centers while nestled in Mansfield’s local amenities and attractions.”

American Landmark plans to make improvements to unit interiors and community amenities, including new kitchen backsplashes, plank flooring, and lighting fixture upgrades in bathrooms. Community amenities include fresh breezeway paint, improvements to the clubhouse, fitness center, and swimming pool, as well as the introduction of a mail package system.

Built in 2010, Advenir at Mansfield is located at 370 North State Highway 360. One-, two-, and three-bedroom units include walk-in closets, washer/dryer, and balcony/patio. Community amenities include billiard room, business center with Wi-Fi, pet park, poolside bar with grill station, resort style pool, grill area, and tot lot.

The property is located near important transit routes and employment hubs, including Texas 360 and East Broad Street which are less than five minutes away. Mansfield Sports Complex and Vernon Newsom Stadium are also less than five minutes away, and Methodist Mansfield Medical Center is less than 10 minutes away.

Boynton Beach, Fla. – Berkadia announces it has arranged $29 million in acquisition financing for Verona at Boynton Beach, a 216-unit multifamily asset formerly known as Aventine. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia South Florida, along with Senior Analyst Wesley Moczul of Berkadia’s Orlando office, arranged the loan on behalf of Robbins Property Associates, a real estate investment and development firm based in Tampa and Boston.

Freddie Mac originated the 10-year Green Loan with a competitive floating rate spread over LIBOR, and seven years of interest only.

“Boynton Beach has become an attractive investment point that reflects the competitive atmosphere of South Florida’s multifamily market,” said Matt Robbins. “Even as interest rates continue to rise, investors are looking for opportunities where they can capitalize on consistent demand for rentals, notably in large metropolitan areas.”

Built in 2002, Verona at Boynton Beach is located at 1575 SW Eighth Street. One-, two- and three-bedroom units offer nine-foot ceilings with elegant crown molding, black stainless-steel appliances, wood plank flooring, granite countertops, and large walk-in closets. Community amenities include a BBQ/picnic area, cardio room, conference room, putting green, business center, and clubhouse.

Situated near the Leisureville neighborhood of Boynton Beach, Verona is found near important transit routes and various retail, dining, and entertainment centers. The community is located less than five minutes away from Interstate 95, and is approximately five minutes away from Boynton Beach Mall, Boynton Town Center, and Cinemark 14 theaters.

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About Berkadia®:

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.

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Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc.  under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050. 

For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx

Gainesville, Fla. – Berkadia announces it has arranged $15.5 million in acquisition financing for Aviara, a 242-unit multifamily asset in Gainesville, Florida. Berkadia South Florida’s Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of Beachwold Residential, a real estate investment firm based in New York City, along with John Reed of Berkadia’s Richmond, Virginia office. Berkadia’s Jacksonville-based Investment Sales team led by Greg Rainey arranged the sale of the property.

Bank United originated the five-year term loan with a 75 percent loan-to-cost.

“Gainesville’s consistent apartment demand continually attracts investors that seek areas with proven fundamentals, including robust employment figures and a steady stream of residents,” said Foschini. “Demand drivers such as the University of Florida, Malcolm Randall VA Medical Center and UF Health – Shands Hospital create compelling investment opportunities in the area.”

Built in 1972, Aviara is located at 205 SE 16 Avenue. One-, two-, and three-bedroom units offer new high-end cherry finish cabinets, granite countertops, stainless-steel appliances, walk-in closets, and private entries. Community amenities include two outdoor swimming pools with expansive pool decks, clubhouse, business center, fitness center, cyber café with Wi-Fi, tennis court, sand volleyball court, and a playground.

Aviara is situated near important transit routes and employment hubs, including Downtown Gainesville and University of Florida. Interstate 75 and Downtown Gainesville are less than 10 minutes away, and University of Florida is only five minutes away.