Trending Multifamily News
Wild Pines of Naples has 96 market-rate and 104 income-restricted apartments
Naples, Fla. (November 13, 2020) – Berkadia announces it has secured a $20.62 million loan for the acquisition Wild Pines of Naples, a 200-unit multifamily property with a mix of market-rate and income-restricted apartments located in the affluent Naples, Florida market. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of GMF Capital of New York, New York.
Berkadia originated, and Freddie Mac purchased, the 15-year, fixed-rate loan with 10 years interest only.
“Wild Pines of Naples presented an unusual opportunity to acquire a core Naples property with both market rate and income-restricted units,” said Sinberg. “Because there is a dearth of affordable product and a considerable amount of luxury rental product in this region, this was a tremendous value-add opportunity for GMF to achieve appreciation at well below replacement cost.”
Located at 2580 Wild Pines Lane, Wild Pines of Naples was built in two phases in 1968/1986 and 2001, respectively. Phase I consists of 96 market-rate units in 12 one- and two-story buildings and Phase II added 104-rent/income-restricted units (maximum 60% of AMI) in 7 two-story buildings. The income-restricted units will remain affordable until 2031.
Both phases feature nearly identical one-bedroom floor plans averaging 600 square feet. Community amenities include two pools, two laundry rooms, a clubhouse with business center and leasing office, gym, and picnic area, all of which were recently renovated.
The property is located just 1.6 miles from downtown historic Naples, offering excellent accessibility to employment centers and retail destinations in the region. Located within five miles of the property are a Publix, Coastland Center Mall, Lorenzo Walker Technical College, Naples Zoo, Naples Botanical Gardens and the NHC Healthcare System, along with Naples beaches.
Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land which could be used to add more units or provide additional community amenities.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
ORLANDO (November 13, 2020) – Berkadia announces it has secured a $49.65 million loan for the acquisition of Montevista at Windermere, a 360-unit apartment community located in Orlando, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of Taurus Investment Holdings LLC, a global real estate private equity firm.
“Taurus has been active in the Orlando market for over 25 years and maintains strong confidence in the economic demand and resiliency of the area,” says Peter A. Merrigan, CEO of Taurus. “During a time of market uncertainty, this transaction highlights the unwavering commitment, discipline and diligence the Taurus team and our investment partners had in bringing this deal to the finish line.”
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with five years interest only and a 75% LTV.
“With Freddie Mac’s competitive terms and rate, Montevista at Windermere presented Taurus with an excellent opportunity to acquire a well maintained multifamily property at below replacement cost in one of Orlando’s most coveted, upscale neighborhoods,” said Sinberg.
Located at 6421 Conroy Road, Montevista at Windermere was built in 1989 and features a mix of townhome-style units with one- and two-bedroom floor plans ranging from 550 square feet to 1,145 square feet. Individual apartments feature vaulted ceilings, oversized windows, French doors to screened-in patios/balconies, walk-in closets and fireplaces. Some recently renovated units also feature new stainless steel appliances, quartz countertops, and faux-wood flooring. Community amenities include a resort-style pool with cabanas, raised wood poolside sundecks, gym-quality fitness center, internet café with coffee bar, poolside clubhouse with fireplace, lighted tennis courts, bark park with agility equipment, car care center, barbecue area and pergola-covered fire pit.
The property is nestled in a serene tropical setting with mature landscaping just 10 minutes from downtown Orlando, with convenient access to I-4, SR 408 and Florida’s Turnpike. The property is just minutes from Windermere’s “A”-rated schools, Orlando’s “Restaurant Row” on Sand Lake Road, and a host of large white-collar employers such as Lockheed Martin and Orlando Health, along with Valencia College and Universal Orlando.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
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 EEstate 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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Stoneweg US acquired the 688-unit Trellis at the Lakes Apartments
TAMPA (November 10, 2020) – Berkadia today announced that it has secured a joint venture equity partner for Stoneweg US LLC’s acquisition of Trellis at the Lakes Apartments, a 688-unit multifamily community located in St. Petersburg, Fla.
Stoneweg US, a St. Petersburg-based real estate firm which owns approximately 12,000 apartments across the country, acquired the property for $114 million, or $165,700 per unit.
Representing Stoneweg US LLC, Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, secured a life insurance company as the JV equity partner, which brought $36 million to the deal.
“Working alongside a high-caliber client like Stoneweg US on an off-market acquisition in their backyard with a clear value-add story made it a straightforward underwrite for capital,” said Kirkpatrick. “We were able to bring multiple joint venture term sheets to the client and ultimately found a LifeCo partner for a great execution.”
Built in 1982, Trellis at the Lakes is located 11401 Martin Luther King Jr. St. and consists of 384 one-bedroom and 304 two-bedroom units, with an overall average unit size of 732 square feet. Community amenities include two swimming pools with sundeck, state-of-the-art fitness center and yoga studio, bark park, care wash center, laundry facility, work-study lounge, and lakeside fire pit and gathering area.
The prior owner initiated property renovations to some of the apartments in 2018, which the new owner intends to complete. Renovations will include adding black or stainless steel appliances, granite countertops, cabinets and wood flooring. Washer and dryer appliances will be added to the remaining 25% of the units that do not currently contain them.
The property is centrally located just off of I-275, approximately 15 minutes midway between downtown Tampa and downtown St. Petersburg. The property is less than five minutes from Carillon Park, a 432-acre business park that is home to Raymond James, Franklin Templeton, AllState, Spectrum and others.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
The 264-unit Grand Pavilion sold for $32.77 million to Praxis Capital
Tampa, Fla. (November 2, 2020) – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.
The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
The 264-unit Grand Pavilion sold for $32.77 million to Praxis Capital
Tampa, Fla. (November 2, 2020) – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.
The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.
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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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Santa Ana, Calif. (October 21, 2020) – Berkadia today announced that it has secured a joint venture equity partner for Legacy Partners (“Legacy”) to build 651 Sunflower in Santa Ana, California. The five-story, 263,754-square-foot community features a mix of 226 studios and one- and two-bedroom residences located at 651 Sunflower Avenue in the heart of South Coast Metro.
Berkadia’s Joint Venture Equity and Structured Capital Group, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, delivered DWS as the capital partner. DWS provided joint venture equity, as well as the construction loan.
“Our team was excited to be engaged by an extremely experienced developer in Legacy Partners,” said Bhatt. “Once DWS engaged with us and our client, they worked with us in earnest to find solutions to hurdles that came up and closed this deal during a very difficult time.”
“651 Sunflower is Legacy’s newest development in the area following our successful opening and leaseup of 580 Anton, which is located nearby,” said Tim O’Brien, Senior Managing Director at Legacy. “South Coast Metro is highly desirable not only for the sought-after retail and entertainment options at South Coast Plaza, but also for its proximity to the ocean which is a mere ten minutes away, and the Segerstrom Arts Center which includes the forthcoming Orange County Arts Museum. We look forward to 651 Sunflower experiencing the same kind of demand that made 580 Anton an immediate hit.”
Designed by Orange County-based TCA Architects, 651 Sunflower will have a coworking lounge with private offices, a dog park and washing station, three large courtyards with a pool, spa, and water features, and two rooftop decks. All residences have balconies – a unique feature for apartment communities in the area – and the community is only two blocks from the I-405/SR-55 intersection, which provides ease of access to Costa Mesa, Newport Beach, and Irvine.
The community is expected to deliver in early 2023.
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About Legacy Partners:
Legacy Partners (Legacy), a privately held real estate firm founded in 1968 and headquartered in the San Francisco Bay Area, owns, develops and manages multifamily communities throughout the United States. Legacy has regional offices in California, Colorado, Florida, Texas, and Washington and has developed more than 60,000 apartment homes in Arizona, California, Colorado, Nevada, Oregon, Texas, and Washington. Since inception, Legacy has worked with some of the world’s largest financial institutions, life insurance companies, and real estate companies, consistently delivering exceptional results.
Legacy provides management services for its own portfolio, as well as other owners. Combined, Legacy manages a portfolio of over 60 multifamily communities with more than 14,000 apartment homes, and with a gross value in excess of $2 billion. For further information, please visit legacypartners.com.
About DWS Group (DWS)
DWS Group (DWS) is one of the world's leading asset managers with USD $772bn of assets under management (as of 30 June 2020). Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas, and Asia.
DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines. We offer individuals and institutions access to our strong investment capabilities across all major asset classes and solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients.
Our expertise and on-the-ground-knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, which guides our investment approach strategically. DWS wants to innovate and shape the future of investing: with approximately 3,500 employees in offices all over the world, we are local while being one global team. We are investors – entrusted to build the best foundation for our clients’ future. For further information, please visit www.dws.com.
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.
© 2020 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
