Trending Multifamily News
SAN ANTONIO (October 15, 2020) – Berkadia announces it has arranged the sale and financing of Legacy Creekside, a newly built, 338-unit garden-style apartment community located in San Antonio, Texas. Senior Managing Director Ryan Epstein of Berkadia’s Houston office, along with Managing Director Michael Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office, represented the seller, White-Conlee Builders. Lucas Donahue, Managing Director of Berkadia’s Phoenix office, secured acquisition financing on behalf of the buyer, Univest Inc.
“Westover Hills has seen explosive growth across all product types and has some of the strongest rental market dynamics in the San Antonio metropolitan area,” said Epstein. “In addition, the new owner can utilize existing plans to develop up to 150 additional apartment units on an adjacent 4.55 acre property.”
Built in 2018, Legacy Creekside offers one-, two-and three-bedroom floor plans with an average unit size of 828 square feet. The property offers 10 different open concept floor plans with designer finishes and features including granite countertops, stainless steel appliances, walk-in showers and garden soaking tubs, modern fixtures with LED lights, and premium wood vinyl flooring. Some residences include private yards and attached garages. The property holds NGBS Bronze certification for energy efficiency.
Community amenities include a resort-style swimming pool and outdoor cabanas, state-of-the-art fitness center, resident lounge with arcade and gourmet coffee bar, outdoor dining areas with gas grills and firepits, two fully fenced dog parks with wash stations, bicycle rentals and a bicycle repair station, valet trash service and a package locker system.
Legacy Creekside offers residents an easy commute to some of the largest employers in San Antonio. It is located within 15 minutes of Lackland Air Force Base and Port San Antonio, and twenty minutes to downtown San Antonio and the South Texas Medical Center.
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 (October 7, 2020) – Berkadia announces it has secured a $74 million loan for the recapitalization of Linden Audubon Park, a 449-unit, Class A gated multifamily built in 2017 in the heart of Orlando’s coveted “Parks” district in Orlando, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of the borrower, Harbor Group International.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV.
“Freddie Mac once again delivered an exceptional floating-rate loan both in terms of flexibility and rate for the borrower,” said Foschini. “With the overhang of the coronavirus pandemic around us, we took great care in our underwriting to demonstrate that this asset and its owner are uniquely capable of maintaining and operating an Orlando multifamily property.”
Located at 990 Warehouse Road, Linden Audubon Park is a gated community built on a 19-acre infill site in Audubon Park – a leafy, bike-friendly district known for its mid-century bungalows, high-quality schools and proximity to Orlando’s CBD just five minutes away. The property occupies the last buildable multifamily garden parcel of this size in this exclusive pocket of the metro area.
The community consists of 12 three- and-four story buildings offering a mix of one-, two- and three-bedroom floor plans, including townhomes with attached garages and elevator access in some buildings. Individual apartments feature quartz countertops, energy-efficient stainless steel appliances, nine- and 10-foot ceilings, wood-inspired flooring, full size washer and dryer, oversized windows, screened patios and designer fixtures. Community amenities include two resort-style pools; poolside entertaining bar & TVs; outdoor kitchens, gas grill areas and fire pit; a two-story resident clubhouse with expansive gym; a stand-up tanning room and game room; a bark park and dog wash station; water views; and direct access to Cady Way Trail and Lake Druid Park.
Audubon Park was the winner of the 2016 Great American Main Street Award and is one the most desirable neighborhoods in Orlando with its top-rated schools and parks, proximity to over 400,000 jobs, and impressive local food and drink scene.
NARK
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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
Madison Capital Group acquired 10 acres primed for multifamily development
ORLANDO (September 28, 2020) – Berkadia announces it has arranged the sale of a 10-acre parcel of land near Disney’s resort and parks in Orlando, Florida. Madison Capital Group purchased the land, part of the WaterStar Orlando Town Center development site, for $8 million. The site is approved for up to 320 units of multifamily development.
Managing Directors Michael Weinberg, Brett Moss and Matt Wilcox, along with Associate Director Alec Fox of Berkadia’s North and Central Florida offices, arranged the sale on behalf of the owner, Equinox Development. Madison Capital Group acquired the property for $8 million.
The WaterStar Orlando site spans 33.6 gross acres and is the result of a complex land assemblage executed over a number of years. It is strategically positioned directly across from the $750 million Margaritaville Resort Orlando in the heart of Orlando’s famous Disney Maingate Corridor, and is just minutes from the main entrance of Disney World. When completed, WaterStar Orlando will encompass a variety of different uses including retail, restaurants, and market-rate apartments.
Based in Maitland, Florida, Equinox Development believes in shaping communities by introducing meaningful real estate endeavors and cultivating valued relationships. With a specialization in retail, mixed-use and boutique commercial development projects, the Equinox team demonstrates a hands-on approach and the ability to execute on complex transactions in all aspects of real estate development.
Madison Capital Group, LLC is a private investment and advisory firm based in Charlotte, NC and Charleston, SC. The firm invests in real estate and private equity opportunities, with a primary focus in the self-storage and multifamily sector. The company targets value-add storage acquisitions as well as storage development opportunities, and focuses on the development of high quality apartment communities throughout the Southeast.
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
Huntsville, Ala. (September 28, 2020) – Berkadia announces it has secured a $34.91 million loan for the acquisition of Ascent at Jones Valley, a 431-unit apartment community located in Huntsville, Alabama, one of the top rent growth markets in the nation. and Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the financing on behalf of borrower, an entity controlled by Wicker Park Capital Management LLC of Savannah, Georgia.
Berkadia originated, and Freddie Mac purchased, the 10-year, floating-rate loan with partial interest only and a 75 percent LTV.
“With its quality construction, recent renovations and multiple townhome options for residents to choose from, Ascent at Jones Valley is one of the more sought-after complexes in this submarket,” said Foschini. “Freddie Mac continues to be a terrific solution for borrowers in both fixed and floating rate executions. In this case, Freddie recognized the borrower’s success and acumen in this metro area with other projects and provided a loan well suited to improving the asset’s profile within its competitive set. The brilliance of a floating-rate execution is that it allows both a low interest-only base rate and the ability to transition the asset to a new loan upon a sale or future refinance, as value is added to the community and income improves.”
Known as “Rocket City” for its conglomeration of aerospace/aviation companies, Huntsville is home to Redstone Arsenal, Cummings Research Park, The Marshall Space Flight Center (MSFC), Blue Origin, The Boeing Company, and GE Aviation, among others. According to Berkadia Research, Huntsville apartment occupancy enjoyed a record high in 2019, and despite an economic slowdown in Q2 2020, effective rents rose nearly 7 percent year over year, and occupancy was up 20 basis points year over year to 96.8 percent.
Located at 1225 Williowbrook Drive SW, Ascent at Jones Valley was built in 1978 and has received over $4.5 million in upgrades from prior owners since 2016.
The property consists of one-, two- and three-bedroom units with an average size of 1,211 square feet. Roughly a third of the property’s units are two-and three-bedroom townhome floor plans. Community amenities include a fitness center, coffee & tea bar, leasing/business office, pet park and play area, playground, two swimming pools, a lighted tennis court and grilling/picnic areas.
Strategically positioned less than 2 miles east of Memorial Pkwy (US-231), one of Huntsville’s primary transportation arteries, Ascent at Jones Valley is centrally located in South Huntsville among the metro’s most affluent suburbs and quality retail destinations.
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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
Washington, D.C. (September 23, 2020) – Berkadia announces it has secured a $29.71 million loan for the acquisition of North Pointe, a 235-unit workforce housing community located in Hyattsville, Maryland. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office secured the financing on behalf of a JV between July Residential, led by Avihai Daniell and Isaac Pinto, and Firm Capital Apartment REIT.
Berkadia originated and Freddie Mac purchased the 12-year, fixed rate mortgage.
“We’re very happy to have partnered with Mitch Sinberg and Matt Robbins of Berkadia on the financing of North Pointe,” said Daniell. “We’re thrilled to have been able to capitalize on the favorable lending environment, and navigate through these unprecedented times to close on the acquisition of this highly desirable community in one of Washington D.C.’s fastest growing submarkets. Located across the street from the West Hyattsville Metro Station, North Pointe, a community with a strong demand by residents for easy access to nearby employment centers, will make a great addition to our portfolio. North Pointe presented impressive resiliency through the pandemic this past year and we’re excited to take ownership and bring it to its full potential, as well as continuing to expand our footprint in the D.C. metro region.”
Located at 5735 29th Avenue, North Pointe is a garden-style community built in 1954 that consists of seven buildings with one-, two- and three-bedroom apartment homes, and 243 surface parking spots. The previous owner completed upgrades to kitchens and baths in 106 of the 235 units, including updated cabinetry, appliances, flooring, and fixtures. Community amenities include a playground, grilling/BBQ area, soccer field, two grassy courtyards, and two central laundry facilities. It is located adjacent to Heurich Park, which has a dog park.
North Pointe is conveniently located roughly 30 minutes outside of downtown Washington D.C., and is conveniently located within 10 minutes walking distance of the West Hyattsville Station of the D.C. Metro (Green/Yellow Lines). This provides access to the University of Maryland College Park (two stops away), Union Station (five stops away), and downtown Washington, D.C. (seven stops away). The addition of the Purple Line of the Metro, to be completed in 2022, will ultimately allow residents of North Pointe to access employment centers, universities, points of interest, and amenities throughout the Washington, D.C. metro area even easier.
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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
One Real Estate Investment (OREI) acquired Whitney Manor and Westchase Apartments, 597 units in total, for a combined $45.7 million
New Orleans (September 23, 2020) – Berkadia announces it has secured debt and sourced an equity partner for the acquisition of a multifamily portfolio consisting of two properties in New Orleans, Louisiana, totaling 579 units. One Real Estate Investment (OREI) acquired the 199-unit Whitney Manor and 380-unit Westchase Apartments, both located approximately three miles apart in Jefferson Parish, for a combined $45.7 million. Berkadia lined up $34.19 million in debt and $11.2 million in equity on behalf of OREI to complete the acquisition.
Senior Managing Director Mitch Sinberg and Managing Director Brad Williamson of Berkadia’s South Florida offices arranged the loans through Freddie Mac’s Green Advantage Program. Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, sourced an equity partner. This is the third time this year that Berkadia has arranged both debt and equity to assist OREI with the expansion of its multifamily portfolio in the Southeast and Texas
Berkadia originated a $23.29 million loan on the $31.06 million purchase of Westchase Apartments. The 10-year, fixed-rate loan includes four years interest only. Whitney Manor, which OREI purchased for $14.63 million, received a $10.9 million, 10-year fixed-rate loan, with three years interest only.
“The incredible location and high occupancy at these two assets, along with the fact that there has been no workforce multifamily development in this market in over a decade, presented OREI with a compelling value-add opportunity,” said Williamson.
“Our firm has a lot of confidence in OREI’s ability to source intriguing opportunities and we were excited to work on finding them an institutional equity partner that would understand the market dynamics in New Orleans,” added Franklin.
Jeronimo Hirschfeld, President and CEO of OREI, added, “New Orleans is a strategic market for OREI, as we complete our coverage of the majority of 18-hour cities in Texas and the Southeast. These two opportunities not only provide OREI a strong footprint in an exciting market experiencing newly renovated growth, but also have the ability to deliver strong cash-on-cash and total returns to our investment partners.”
Located at 1117 Whitney Avenue, Whitney Manor is a two-story, garden-style apartment property built in 1975 with one-, two-, and three-bedroom units ranging from 700 square feet to 1,200 square feet. Cable-ready units feature air conditioning, carpet, ceiling fans, dishwasher, heating, range, refrigerator, tile floors, mini blinds, balcony/patio, and window coverings. The property offers 200 surface parking lots.
Located at 1013 Manhattan Boulevard, Westchase Apartments is a two- and three-story garden-style apartment community built in 1975 offering one- and two-bedroom floor plans ranging from 858 square feet to 1,192 square feet. Unit amenities include central/air heating, black appliances, carpet, dishwasher, high speed internet access, fully equipped kitchen with microwave, walk-in closets, wheelchair accessible (rooms), and ceramic tiled bathrooms, entryways, kitchens, & shower walls. Select units have ceiling fans, expanded bathroom vanities, kitchen breakfast bar, private balcony/patio, and a washer/dryer. Community amenities include s two-story community room, two swimming pools, two laundry facilities, modern stucco exterior, breakfast/coffee concierge, courtyard, fitness center, and a business center. The property offers 425 surface parking spaces.
Whitney Manor and Westchase Apartments are located approximately 7 miles from New Orleans’ French Quarter, less than 10 miles from Loyola University, Tulane University and Louisiana State University, and less than five miles from West Jefferson Medical Center. Louis Armstrong New Orleans International Airport is 20 miles from the property.
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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
