Berkadia announces it has arranged a $20.261 million refinance loan for Southgate Landing, a 256-unit apartment community in Louisville, Kentucky. Berkadia South Florida’s Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of CAPREIT.

Freddie Mac originated the floating rate, interest-only loan with a seven-year term. The LTV is 69 percent.

“Louisville has demonstrated considerable factors for solid investment in the city’s rising multifamily market, including the addition of 2,600 jobs over the past 12 months that have led to a 30 bps increase in the occupancy rate,” said Foschini. “The net absorption rate has more than doubled year over year, advancing market rents in an MSA that will continue to see growth from corporate investment in the trade, transportation, and utilities sectors.”

Built by Poe Companies in 2001, Southgate Landing is one of the premier assets in Louisville. This 256- unit complex boasts nine-foot ceilings and beautiful exteriors of brick with painted wood and vinyl. The community combines unique floor plans offering gourmet kitchens, walk-in closets, and spacious lofts with modern-day amenities including a state-of-the art fitness center, swimming pool, detached garages, and storage units.

Situated on 10960 Southgate Manor Drive, the community is located near important transit routes and employment hubs. Ford, GE Appliances, and UPS are within six miles of Southgate Landing, and the asset is less than two minutes away from Preston Highway.

Boynton Beach, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired High Ridge Landing, a new 184-unit multifamily property in Boynton Beach, Florida.

Along with Electra America, its debt and equity partner, American Landmark plans to close $1.5 billion in multifamily deals in 2018 throughout the Southeast. This is their third multifamily acquisition so far this year. In South Florida, they also own and operate Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.  

The financing for the deal was arranged by Berkadia's Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison, and Wes Moczul.

"We privately negotiated a very attractive price point for this well-located, Class A asset,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “We have great confidence in central Palm Beach County’s growing job base, increased tourism and exceptional quality of life, and are thrilled to be a part of Boynton’s revitalization."

The firm will spend $500,000 on additional upgrades, including improvements to the upscale clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.

High Ridge Landing, built in 2017, is located at 3609 High Ridge Way in Boynton Beach. Units range from one to three bedrooms, featuring stainless steel appliances and granite countertops, walk-in closets, private balconies, detached garages, Wi-Fi access and various floor plans. Amenities available to residents consist of a yoga and spin studio, pool, auto charging stations, fitness center and business center.

Numerous dining, shopping and entertainment options are located close to the property. The property is convenient to transit routes such as Interstate 95 and the Tri-Rail.

Berkadia announces it has arranged a $20.43 million bridge loan for the refinancing of five vintage apartment properties located in Bay Harbor Islands and the South Beach section of Miami Beach, FL. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Analyst Shannon Wilson arranged the loan on behalf of Boardwalk Properties, a real estate investment and management firm based in Miami Beach.

LoanCore Capital Funding Corporation LLC originated the two-year, floating rate loan with three 12-month extension options. The Loan to Cost was 75 percent.

“Boardwalk is a very astute owner of high-quality generational assets in irreplaceable locations. Their renovation plans will turn these older, smaller buildings into jewel boxes that will be an exceptional renting alternative to the condo shadow units and larger impersonal projects that dominate the area,” said Foschini. “The lender recognized the opportunity and provided an exceptional loan to allow them the capital to transform these buildings into modern Class A communities.”

The properties in the portfolio are:

·         1600 W Ave, Miami Beach, FL 33139  (Built in 1969, with 20 units)

·         1606 W Ave, Miami Beach, FL 33139  (Built in 1961, with 12 units)

·         9200 E Bay Harbor Dr, Bay Harbor Island, FL 33154 (Built in 1955, with 18 units)

·         9270 E Bay Harbor Drive, Bay Harbor Island, FL 33154 (Built in 1951, with 24 units)

·         1075 101st, 10150-10190 E Bay Harbor Dr, Bay Harbor Island, FL 33154 (Built in Built 1947,1956,and 1957, with 34 units)