Laredo, Tex. (July 21, 2020) – Berkadia announces it has arranged the sale and financing of Lago del Mar Apartments, a 260-unit garden-style apartment community located in Laredo, Texas. Senior Managing Director Ryan Epstein of Berkadia’s Houston office, along with Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office, represented the seller, a Chicago-based real estate investment management firm. 

Senior Managing Director Cutt Ableson of Berkadia’s Houston office procured financing for the buyer, Haley Real Estate Group, through Fannie Mae.

“Lago del Mar is a vintage apartment complex in an excellent location that was primed for a value-add execution,” said Epstein. “Located in the economic epicenter of the Rio Grande Valley, the city of Laredo continues to benefit from economic drivers including steady growth in shale oil and gas production, infrastructure construction, and growth in logistics and warehousing, all of which brings more business to town each year.”

Added Miller, “In addition, the property benefited from limited competition, with no comparable multifamily properties currently in lease-up, under construction or proposed within five miles.”

Built in 2000/2003 and located at 7550 Country Club Drive, Lago del Mar Apartments offers a range of one-, two- , and three-bedroom floor plans averaging 776 square feet. Units feature walk-in closets, nine-foot ceilings, patios or balconies, and a full-sized washer/dryer. Community amenities include a resort-style swimming pool, clubhouse, fitness center, dog park, playground and controlled-access gate. The property is ideally located within seven miles of downtown Laredo, two miles of Texas A&M University, and just four miles from Laredo International Airport.

Winter Haven, Fla. (July 1, 2020) – Berkadia announces it has secured $7.5 million in financing for the recapitalization of Lakeshore Club, a 50-unit mid-rise apartment property located in Winter Haven, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of borrower Westside Capital Group, which acquired the property in 2017.

Berkadia originated and Fannie Mae purchased the 10-year, fixed-rate loan with partial interest only.

“This is the third time Berkadia has financed this project in just over three years,” said Foschini. “At each juncture, the borrower added significant value to the asset, benefitting residents and elevating the status of the property. In this most recent iteration, our team executed a permanent loan with an exceptional interest rate, locking in value and cash flow for the term of the investment.”

“We see Winter Haven as a growing market with outsized demographic growth relative to the underlying supply of new housing,” said Jakub Hejl, founder and president of Westside. “We are excited to successfully conclude the first phase of our business plan, and we look forward to starting phase two. We have proven the business model and our data suggests that Winter Haven needs additional modern apartment housing that is attractively priced but also offers the standard, comfort and amenities that residents demand and new development could offer.”

Built in 1985 and located at 1300 S Lake Howard Drive, Lakeshore Club is a five-story mid-rise apartment property featuring one-, two- and three-bedroom units averaging 1,225 square feet. Community amenities include a fitness center, a pool, extensive common areas including a clubhouse and lobby, and nearly 90 parking spots.  Upon acquisition, Westside executed a full-scale property repositioning that included adding a new roof, new elevator, installing new building systems, updating common areas, renovated interior units, and adding enhanced security systems and gated parking.

Westside acquired Lakeshore Club in July 2017 for $4.3 million as an assemblage of two sites totaling seven acres. It successfully rezoned and re-parceled the site to create a new 5.7-acre site adjacent to Lakeshore Club that has been approved for a new 190-unit multifamily property at an approximate total development cost of $25 million. Both properties are ideally located within walking distance from downtown Winter Haven, and surrounded by two natural lakes and offer stunning unobstructed water views.

###

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

Miami, Fla. (July 1, 2020) – Berkadia announces it has secured $14.36 million in financing for the recapitalization of First & Sixth Apartments, a new 100-unit high-rise apartment building located in the Miami River District of Miami, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of borrower, The Eastern Atlantic Companies.

Berkadia originated and Freddie Mac purchased the 10-year, fixed-rate loan with three years interest only, at a 62 percent loan to value. 

“Working through the pandemic is never easy, but with cooperation of the borrower and lender we were able to get it done,” said Foschini. “This transaction is among the first in the city to be developed within their AMI overlay giving substantive bonuses to developers who build with an eye to serving the needs of the greater Miami community. Freddie Mac’s support of this loan with its understanding of the nuances and their exceptional terms will bring long-lasting benefits to the investors and tenants alike. Berkadia is pleased to partner with Freddie Mac in this transaction and pave the way for future developments that enable a more attainable rental price point to Miami’s residents.”

Located at 35 SW 6th Avenue, First & Sixth was built in 2019 and is situated in Northwest Brickell, overlooking the Miami River. It is the first apartment development to be completed under new Miami 21 zoning codes allowing for increased density, and decreased parking requirements, in exchange for incorporation of affordable housing. Eighty of the units are market rate; 20 are affordable. The 14-story property includes a mix of studio, one-, and two-bedroom apartments ranging in size from 350 square feet to over 1,100 square feet, with floor to ceiling windows and panoramic views of the city. Community amenities include a sky deck with swimming pool, a 24-hour fitness center, bicycle storage, a covered parking garage, and Wi-Fi in common areas.  

First & Sixth is conveniently located two blocks from the Miami River, and less than five minutes from Route I-95, Brickell City Center, the Fifth Street Metromover Station, and several major employment and shopping centers. 

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

Raleigh, N.C. (June 26, 2020) - Berkadia announces it has secured two loans totaling $11,765,000 million for the acquisition of two value-add self-storage assets located in Raleigh and Durham, North Carolina. Managing Directors Michael Weinberg and Rebecca Van Reken from Berkadia’s Orlando office, along with Managing Director Saul Hoppenstein of Berkadia’s Boca Raton office, secured the financing on behalf of Liberty Investment Properties, a privately held real estate investment, development, and management firm based in Orlando, Florida.

A life company provided both five-year, fixed-rate loans, at a 65 percent loan to cost. These assets will go into Liberty’s new $20 million opportunistic storage equity fund, which pursues value-add self-storage facilities throughout the southeastern United States. Liberty plans to rebrand both assets under their My Neighborhood Storage Center platform. With over 30 years of institutional investment and operations in the storage industry, Liberty is poised for the opportunity to expand its portfolio holdings. 

“The sponsor has a proven track record in the self-storage facility space and will be able to improve both properties’ performance through a mix of traditional and hands-on guerilla marketing,” said Weinberg.

“We are thankful for the longstanding relationship with Berkadia to successfully execute attractive financing for these transactions during the challenging times facing our economy,” said Adam Mikkelson, President of Liberty Investment Properties.

Built in 2016, the Raleigh Self Storage facility is located at 6401 Town Center Drive in Raleigh, and is a two-story, 72,614-square-foot climate-controlled building with 685 units. The property is strategically located along the interchange of US-1 and Interstate 540, making the facility easily accessible to a population of approximately 81,000 within a 3-mile radius. 

Built in 2017, the Durham Self Storage property is located at 112 West Seminary Avenue in Durham. It is a 58,729-square-foot, four-story climate-controlled property with 645 units. 

Berkadia announces it has secured a loan for the acquisition of two vintage boutique, garden-style apartment assets totaling 52 units located in the heart of East Boca Raton, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the financing on behalf of Rental Asset Management (RAM), a Fort Lauderdale-based multifamily owner-operator. 

A bridge lender provided the $6.85 million fixed-rate, three-year loan. Proceeds of the loan will allow the sponsor to execute renovations and stabilize the asset, which was unoccupied at the time of closing.

 “This assignment was unique in that the portfolio has been non-income producing for over year and currently sits vacant,” said Robbins. “Furthermore, many lenders have been pulling back due to the pandemic, which created an additional hurdle. Despite this, we combined our existing knowledge of the market with our deep pool of capital relationships to secure an attractive and timely financing option for our client. Both the lender and sponsor recognized the immense value-add opportunity presented by these assets, which have strong bones and a great location. The ambitious scope of renovations planned for these properties will ultimately provide a unique product to the area, catering to tenants who prefer garden-style living but want a fully modernized and upgraded unit.”

The first property in this portfolio, Villas at Camino, is located at 329 West Camino Real and 899 SW 3rd Avenue and consists of five two-story apartment buildings with 28 units. The property was constructed in 1958 and 1968. Amenities include a pool with a covered cabana and two laundry facilities. The second property, the Southwest 14th and 15th Street portfolio (located at 100 Southwest 14th Street, and 120,121, 150, 151 Southwest 15th Street), was built between 1966 and 1974 and consists of five, two-story buildings with 24 units in total. The property’s two- and three-bedroom apartments range from 1,180 to 1,250 square feet.

Both properties are located just west of Dixie and Federal Highways, in a neighborhood primarily composed of single-family homes, townhomes and multifamily buildings. They offer convenient access (less than a half mile) to Walgreens, CVS, The Fresh Market, Publix and other major retailers, and downtown  Boca Raton and Mizner Park are roughly a mile away from each property.

Berkadia announces it has secured a loan for the acquisition of two vintage boutique, garden-style apartment assets totaling 52 units located in the heart of East Boca Raton, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office arranged the financing on behalf of Rental Asset Management (RAM), a Fort Lauderdale-based multifamily owner-operator. 

A bridge lender provided the $6.85 million fixed-rate, three-year loan. Proceeds of the loan will allow the sponsor to execute renovations and stabilize the asset, which was unoccupied at the time of closing.

“This assignment was unique in that the portfolio has been non-income producing for over year and currently sits vacant,” said Robbins. “Furthermore, many lenders have been pulling back due to the pandemic, which created an additional hurdle. Despite this, we combined our existing knowledge of the market with our deep pool of capital relationships to secure an attractive and timely financing option for our client. Both the lender and sponsor recognized the immense value-add opportunity presented by these assets, which have strong bones and a great location. The ambitious scope of renovations planned for these properties will ultimately provide a unique product to the area, catering to tenants who prefer garden-style living but want a fully modernized and upgraded unit.”

The first property in this portfolio, Villas at Camino, is located at 329 West Camino Real and 899 SW 3rd Avenue and consists of five two-story apartment buildings with 28 units. The property was constructed in 1958 and 1968. Amenities include a pool with a covered cabana and two laundry facilities. The second property, the Southwest 14th and 15th Street portfolio (located at 100 Southwest 14th Street, and 120,121, 150, 151 Southwest 15th Street), was built between 1966 and 1974 and consists of five, two-story buildings with 24 units in total. The property’s two- and three-bedroom apartments range from 1,180 to 1,250 square feet.

Both properties are located just west of Dixie and Federal Highways, in a neighborhood primarily composed of single-family homes, townhomes and multifamily buildings. They offer convenient access (less than a half mile) to Walgreens, CVS, The Fresh Market, Publix and other major retailers, and downtown  Boca Raton and Mizner Park are roughly a mile away from each property.