Trending Multifamily News
Berkadia announces it has arranged the sale and finance of Stewart Creek Apartments, a 414-unit garden-style community in the Dallas suburb of Frisco. Managing Directors Jay Gunn and Thomas Burns of Berkadia’s Dallas office, along with Senior Director Will Jarnagin of the same office, listed the property on behalf of Univesco, Inc., a real estate investment firm based in Plano. Managing Director Jason Rice and Senior Director Chris Pollard of Berkadia’s Dallas office arranged the financing on behalf of sponsor Madera Residential, a real estate investment firm based in Lubbock.
Varde Mortgage Capital originated the 3-year, floating rate loan at 80% LTC.
“Continued corporate relocations and positive in-migration are set to make the local apartment market mirror that of a rebounding labor market over the next four quarters,” said Gunn. “Additionally, we’re anticipating absorption to slightly exceed deliveries this year, making Dallas one of the most favorable markets for investors in the Sunbelt.”
Built in 1999, Stewart Creek is located at 7549 Stonebrook Parkway. One-, two- and three-bedroom units include quartz countertops, wood-style floors, vaulted ceilings, walk-in closets and private patio/balcony. Community amenities include a business center, clubhouse, package lockers, picnic area and bark park.
Situated north of Dallas, the community is found near multiple transit corridors that take residents directly to a variety of employment hubs and entertainment venues. Dallas North Tollway is five minutes away and Sam Rayburn Tollway is under 10 minutes away, offering residents direct access into Downtown Dallas and the greater metro area.
BOSTON (February 1, 2021) – Berkadia announces it has secured financing for the recapitalization of a multifamily portfolio consisting of 11 individual properties totaling 89 units located throughout the Boston metropolitan area. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office, and Associate Director Wesley Moczul of Berkadia’s Orlando office, secured a $17.5 million loan via Fannie Mae on behalf the sponsor, BT Holland Real Estate.
The 12-year, fixed-rate loan has a 75 percent LTV ratio.
”This is an assemblage of smaller properties in up-and-coming neighborhoods in the greater Boston metro area that are benefiting from strong rent growth dynamics,” said Robbins. “By compiling these properties into one portfolio the sponsor was able to obtain a cross-collateralized loan with more favorable terms and economics.”
The multifamily properties in the portfolio include:
· 28 Dyer St, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 30 Browning Ave, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 31 Browning Ave, Dorchester, MA 02124 (6 Units, 1900 Vintage)
· 35 Browning Ave, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 38 Stanton St, Dorchester, MA 02124 (6 Units, 1910 Vintage)
· 54 Fuller St, Dorchester, MA 02124 (6 Units, 1988 Vintage)
· 5 Orlando St, Mattapan, MA 02126 (11 Units, 1965 Vintage)
· 14 Orlando St, Mattapan, MA 02126 (6 Units, 1965 Vintage)
· 14-16-18 Msgr Patrick J Lydon Way, Dorchester, MA, 02124 (15 Units, 1910 Vintage)
· 140 Wellington Hill, Mattapan, MA, 02126 (16 Units, 1965 Vintage)
· 17 Greenwich Park, Boston, MA, 02118 (5 Units, 1910 Vintage)
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The Praedium Group acquired the 312-unit Gatehouse on the Green in Plantation
MIAMI (January 19, 2021) – Berkadia announces it has provided a loan for the acquisition of Gatehouse on the Green, a 312-unit value-add apartment community located in the Broward County city of Plantation, Fla. Senior Managing Director Charles J. Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged $47.78 million in financing through Fannie Mae for sponsor The Praedium Group to acquire the property.
It is a seven-year, fixed-rate loan, with five years interest only at a 65 percent LTV.
“The Gatehouse project is an extraordinary asset both in its physical design and exceptional location in Broward County,” said Foschini. “Fannie Mae recognized that with a highly structured loan containing both a favorable rate and extended interest only period.”
Located at 150 SW 91st Avenue, Gatehouse on the Green was built in 1991 and consists of 12 two-and three-story garden-style buildings on a 21.1-acre site, with 627 parking spaces. Buildings feature a mix of one-, two- and three-bedroom apartments ranging in size from 804 square feet to 1,225 square feet. Individual units offer nine-foot ceilings (vaulted ceilings on top floors), walk-in closets, full-size washer/dryer, and a balcony. Community amenities include two swimming pools, a wading pool, an outdoor grill area, indoor racquetball court, two lighted tennis courts, clubhouse with complimentary Wi-Fi, billiard room, valet trash and recycling, car wash area, carport parking, traffic-control gated entry, and views of the Jacaranda Golf Course and Country Club.
Gatehouse on the Green is ideally located just off of Broward Boulevard, within three miles of over seven million square feet of office space. The property is just a few minutes from Nova University, Sawgrass Mills Mall, Seminole Hard Rock Hotel and Casino, and Fort Lauderdale-Hollywood International Airport, and proximate to major employment centers in both Sunrise and Fort Lauderdale.
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Tampa, Fla. (January 5, 2020) – Berkadia announces it has arranged a loan for the acquisition of Bainbridge Ybor City, a 240-unit luxury apartment community in the Ybor City National Landmark Historic District of Tampa, Fla. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s South Florida mortgage banking team secured a $41.37 million loan on behalf the sponsor, GMF Capital.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with five years of interest only.
Jared Frydman, Managing Director of Acquisitions with GMF Capital, noted, “This property fits well with our long-term objective of building a portfolio comprising high-quality assets in growth markets with attractive economic and demographic fundamentals. Our team was equally impressed with the quality of Berkadia’s overall execution of this assignment, and we have a great deal of confidence in this team’s ability to help us achieve our long-term business goals.”
Developed in 2017 by Bainbridge Companies, the property is located at 1512 East 12th Avenue in Ybor City, the only neighborhood on Florida’s west coast to be designated a National Historic Landmark District. The property features studio, one- and two-bedroom floor plans with designer touches including hardwood-style flooring; chef-inspired kitchens with large center islands, stainless steel appliances and quartz countertops; in-suite washer & dryer; patio or balcony; oversized walk-in closets; and built-in storage.
Community amenities include a South Beach-style pool and sundeck, 24-hour fitness center, yoga studio and personal training room, clubroom with arcade and catering kitchen, elevator access and secure parking garage, and opulent greenways.
Located within a few steps of the many eclectic bars, restaurants, coffee shops and entertainment venues located along 7th Avenue, the property offers residents a highly walkable, dynamic live-work-play environment, with immediate access to I-4 just 10 minutes from downtown Tampa.
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Berkadia announces it has secured debt financing for the acquisition of two multifamily communities in Charlotte, N.C. totaling 550 units. One Real Estate Investment (OREI) of Miami acquired the 310-unit Kelston Apartments and 240-unit Avalon Apartments for $68.7 million using a combination of $51.4 million in Fannie Mae and Voya debt across the two assets.
Introduced by Berkadia’s Joint Venture Equity & Structured Capital Group during an earlier transaction, investment fund manager MLG Capital was re-engaged with OREI as a repeat investor providing $13.1 million from its Fund IV in JV equity for the Avalon Apartments.
Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson of Berkadia’s South Florida Mortgage Banking team arranged the debt financing. Berkadia’s Joint Venture Equity & Structured Capital Group, led by Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, delivered MLG Capital as the JV equity partner.
Voya originated the 3-year, floating rate loan with 3 years IO for Kelston Apartments. Fannie Mae originated the 10-year, fixed rate loan for Avalon Apartments.
“The proximity of each property to neighboring assets that have demonstrated value-add potential show the proven upside the Kelston and Avalon communities bring for both partners to capitalize on,” said Williamson. “East Charlotte’s easy access to important areas of employment such as Uptown, University City and South Park, coupled with investments in its public infrastructure, position this submarket for continued demand and rent growth,” added Kirkpatrick.
“With Avalon and Kelston serving as OREI’s second and third acquisitions in the Charlotte market over the past 15 months, our team remains bullish on the market’s demand drivers, growing employment and population base, and the continued rent growth across the East Charlotte submarket, in particular,” states Jeronimo Hirschfeld, CEO of One Real Estate Investment.
Built in 1986, the 310-unit Kelston Apartments is located at 1207 Kelston Place. One-, two- and three-bedroom units include walk-in closets and private patios and balconies. OREI intends to re-develop a brand new clubhouse at the asset, inclusive of a state of the art fitness center, leasing office, cyber café, and swimming pool.
Built in 1999, the 240-unit Avalon Apartments is located at 6000 Regal Estate Lane. One-, two- and three-bedroom units feature black appliances, a breakfast bar, walk-in closets, vinyl wood flooring, built-in desks and private patios and balconies. Community amenities include a renovated clubhouse, coffee & tea bar, media/entertainment lounge, pool table, fitness center and dog spa.
Futura @ Nona Cove will deliver 260 new apartments
ORLANDO (November 11, 2020) – Berkadia announces it has secured construction financing for Futura @ Nona Cove, a planned 260-unit, Class A apartment community located in the Lake Nona submarket of Orlando, Florida. Senior Managing Director Mitch Sinberg and Director of Operations Jared Hill of Berkadia’s South Florida offices, along with Senior Managing Director Colin Callaghan and Director Nicole Hood of Berkadia’s HUD team, arranged the $52,522,400 million construction loan through Berkadia’s HUD program.
The sponsor is Boca Raton-based FUTURA.
The 221(d)(4) 40-year amortized construction loan features a fixed interest rate and an 85 percent loan-to-cost ratio.
”FUTURA is an experienced developer in a very strong market within Orlando and, as a result, we were able to secure a construction-to-perm loan from HUD, with interest only during the construction period followed by a 40-year self-amortizing loan,” said Sinberg. “Lake Nona is one of the fastest-growing submarkets in Orlando, and demand for apartments has been buoyed by Lake Nona Medical City, a new 650-acre health and life sciences park created by Tavistock Development Company. A visionary, master-planned community for the 21st century, the park houses leading healthcare and research facilities including University of Central Florida’s College of Medicine and Lake Nona Medical Center, along with other national life sciences firms.”
“The ability to execute the closing of this amazing HUD- insured loan during this year’s pandemic-driven recessionary economic period was a colossal undertaking, proving that it is in challenging times like this one when partnerships with experienced partners like Berkadia are paramount to any successful endeavor,” said FUTURA president Reinerio P. Faife. “FUTURA is looking forward to bringing this great residential community to reality. Phase One of this uniquely located lifestyle neighborhood center is developed with a third-generation four-story, 122,000-gross-square-foot climate-controlled self-storage facility with a secured drive-thru area to be managed by Extra Space; further integrated with over 29,000 square feet of prime neighborhood commercial and retail uses to be operated by locally and nationally recognized tenants.”
The Futura @ Nona Cove luxury apartment community will be a five-story, 260-unit luxury rental community located at 19463 Boggy Creek Road on approximately 5.5 acres at the intersection of Narcoossee and Boggy Creek Roads. This luxurious residential enclave features a full resort lifestyle amenity package housed within its modern coastal contemporary architecture. The project will offer studios, one-, two- and three-bedroom units ranging in size from 623 to 1,315 square feet. All apartment units will feature strategically laid out den spaces (driven by this submarket’s economic drivers pushing for more home office options), nine-foot ceilings with top penthouse units boasting 10- to12-foot ceilings, modern bathrooms, kitchens with energy-efficient stainless steel appliances, full-sized washers and dryers, extra-large walk-in closets, and oversized balconies and private patios on first floor units.
Community amenities at the property will include an advanced air filtration system for all enclosed amenity areas, including a two-story clubroom and resident lounge with co-working areas; an oversized lap and resort-style pool adjacent to a fully integrated state-of-the-art fitness and wellness center with courtyards; a community walking and jogging trail outfitted with fitness stations; a putting green; a community dog spa with an oversized linear dog park with sitting gazebo for residents; electric car charging stations; and more.
FUTURA recorded its Notice to Proceed with construction at HUD loan closing on November 5th of 2020, with plans to start leasing units by November 2021.
Lake Nona is a nationally recognized master-planned community covering roughly 17 square miles adjacent to the Orlando International Airport. Nona Cove’s vision expands on this area’s submarket, boasting a dynamic mix of residential, commercial and retail uses, and is home to the United States Tennis Association’s National Campus.
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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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