Fort Lauderdale, Fla. (May 14, 2020) - Berkadia announces it has secured a $9.1 million loan for the construction of The Forge, a new 35-unit, 7-story luxury loft building in Fort Lauderdale’s FATVillage, the city’s trendy downtown historic warehouse district. Managing Director Brad Williamson of Berkadia’s Miami office secured the financing on behalf of the developer, Urban Street Development. The development, located in an Opportunity Zone, will break ground this year and deliver in late 2021.

The loan was sourced from a bank at a 55 percent loan-to-cost.

“This is a boutique project of high-end lofts unlike anything that’s been built in Fort Lauderdale in some time and is well located in FATVillage within walking distance to the Brightline,” said Williamson. “Opportunity Zone projects with long-term holds and patient capital being developed in desirable infill locations will weather these uncertain times better compared to their competitors.”

Located at 401 NW 1st Avenue, The Forge will feature a mix of one- and two-bedroom units ranging in size from 781 square feet to 1,350 square feet. Apartments will feature high (12 to 14 feet) ceilings, finished concrete floors, Bauhaus-inspired windows, unique open entertainment kitchens, quartz countertops and smart home technology. Community amenities will include a CrossFit-inspired gym, garage parking, and shared access to the Foundry Loft’s pool deck next door. The garage will feature an automatic parking lift system to maximize the amount of parking spaces offered.

The Forge is situated within FATVillage (Flagler + Arts + Technology Village), better known as Fort Lauderdale’s creative enclave in the heart of downtown. The property is located within walking distance to dozens of eateries, markets, boutiques and galleries, most unique to this area. The property is located within walking distance to approximately 5 million square feet of office space and 1 million square feet of retail space, and just one block away from the Fort Lauderdale’s Brightline/Virgin Trains Station, offering direct service to Miami and West Palm Beach now, and eventually Orlando and Tampa.

 Developer Urban Street Development specializes in the design, development, and construction of a variety of businesses, properties and neighborhood revitalization projects. Led by the dynamic team of construction and real estate developer Alan Hooper and restaurateur and entrepreneur Tim Petrillo, Urban Street has designed, developed, constructed, managed, leased and sold a multitude of successful projects over the years including FATVillage, Collegetown FSU in Tallahassee, Fla., and New River Trading Post in Fort Lauderdale.

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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.

Berkadia announces it has secured debt and equity for the acquisition of the 192-unit Element at University Park in College Station, Texas. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office and Managing Director Brad Williamson of Berkadia’s Miami office secured a senior loan on behalf of One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami. Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, lined up an institutional quality equity partner to complete the equity stack with an investment through Electra Capital.

Berkadia originated a 10-year Freddie Mac, floating-rate loan for Element at University Park. Electra Capital provided a preferred equity investment.

 “College Station’s propitious market offers a compelling opportunity to tap into Texas A&M’s 70,000 students, which make up more than half of College Station’s general population,” said Williamson.

Added Jeronimo Hirschfeld, CEO of OREI, “Although this transaction presented new challenges in a unique investment climate, Element at University Park is an excellent acquisition for OREI’s growing market rate portfolio. The property has significant upside potential in terms of interior renovations and exterior amenities. The asset benefits from close proximity to not only the United State’s second-largest university, but also a diverse mix of healthcare employers.”

Built in 2000, Element at University Park is situated at 4475 Carter Creek Pkwy. Located under 10 minutes away from Texas A&M University – College Station’s economic driver – the community’s one- and two-bedroom units include a range, dishwasher, stainless steel appliances, washer/dryer and Wi-Fi. Community amenities feature an elevator, business center, courtyard, tennis court and picnic area.

Berkadia announces it has secured $37.33 million in financing for the recapitalization of Advenir at Polos East Apartments, a 308-unit apartment community located in Orlando, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of the borrower, Miami-based Advenir.

Berkadia originated and Freddie Mac purchased the 7-year, fixed-rate loan with full-term interest only, at a 70 percent loan to value.

“Freddie Mac continues to provide liquidity to the marketplace and execute smart business with exceptional terms,” said Foschini. “While this transaction was signed up just as the full force of the pandemic was being felt in our economy, Freddie Mac, the Berkadia team and the client worked tirelessly and often remotely to execute the due diligence and fund the loan without delay.”

Located at 1700 Woodbury Road, Advenir at Polos East was built in 1990 and consists of a mix of one-, two- and three-bedroom apartments with an average unit size of 877 square feet. Amenities at the pet-friendly community include a resort-style swimming pool; 24-hour fitness center; sauna; basketball, volleyball, tennis and racquetball courts; Internet café; and game room. 

Advenir at Polos East is conveniently located just 10 minutes from the University of Central Florida, 20 minutes from downtown Orlando, and in close proximity to a host of shopping, entertaining and dining destinations.

Berkadia announces it has secured $16.12 million in financing for the recapitalization of Creekwood Club, a 176-unit apartment and townhome community located in Jacksonville, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of borrower Westside Capital.

Berkadia originated and Fannie Mae purchased the 10-year, fixed-rate loan with partial interest only, at a 75 percent loan to value. The property was 95 percent occupied at the time of refinancing.

“While the application was taken before the pandemic impacted the U.S., we were not immune to some of the logistical challenges that many encountered in the last 30 days,” said Foschini. “The borrower’s exceptional approach to active management added tremendous value since it acquired the asset almost two years ago, and that continued as the market evolved, with management working closely with tenants to keep collections in place. These facts, combined with Berkadia’s relationship with Fannie Mae, allowed the borrower to get best rate and terms available and a timely closing.”

Located at 8343 Hogan Road, Creekwood was built in 1975 and consists of a mix of studio, one-, two- and three-bedroom apartments ranging in size from 422 square feet to over 1,300 square feet. Amenities include a community swimming pool, clubhouse with stone fireplace, fitness center, billiard and media room, lighted tennis court, a dog park, and a playground.

Creekwood Club is conveniently located off of U.S. Route 90/FL-228, and less than 10 minutes from downtown Jacksonville, the beaches of Jacksonville, and several major employment and shopping centers.

Berkadia announced today the sale and financing of Promenade Park Avenue, a 105-unit, garden-style multifamily property in Orange Park, Florida. Senior Managing Director Cole Whitaker of Berkadia’s Orlando office and Director Greg Rainey of Berkadia’s Jacksonville office led the $10.55 million sale on behalf of the seller, New York-based Quad Property Group. The seller acquired the property for $6.74 million in December 2017.

“Promenade Park Avenue presents this buyer with an opportunity to continue an already proven value-add strategy while capitalizing on its solid location,” said Greg Rainey.

Promenade Park Avenue was built in 1974 and features 105 renovated and non-renovated units, a swimming pool, and in-unit washer dryer connections in all two-bedroom units. Located at 606 Park Avenue, the property affords convenient access to I-295 with frontage on Park Avenue (66,000 AADT), and is proximate to Orange Park Medical Center and NAS Jacksonville.

Tampa, Fla. - Berkadia announces it has arranged $17.77 million in acquisition financing for Southern Cove, a 180-unit multifamily community in Tampa, Florida. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office, alongside Managing Director Brad Williamson and Associate Director Wes Moczul of Berkadia’s Miami office, secured the financing on behalf of an affiliate of 29^th Street Capital, a privately held real estate investment firm based in San Francisco, California.

Berkadia originated a three-year, interest only Freddie Mac Value-Add loan with a three percent floating interest rate.

“As one of the fastest growing cities in Florida, the Tampa MSA offers a diversified labor market accompanied by high population growth,” said Williamson. “In addition to solid fundamentals, value-add assets like Southern Cove provide a significant opportunity to take advantage of the area’s positive trajectory with a propitious hold period.”

Built in 1974, Southern Cove is located at 8741 Grove Terrace. Two-bedroom apartments and townhomes offer some of the largest floorplans in the submarket and include a dishwasher, hardwood flooring, disposal, balcony/patio and oversized closets. Community amenities include a business center, clubhouse, bark park, swimming pool, tennis courts, laundry facility and on-site maintenance and management. 29^th Street Capital plans on repositioning the asset.

Situated in Tampa’s Temple Terrace neighborhood, Southern Cove is found near large employment hubs and entertainment spaces. The University of South Florida, serving over 50,000 students, is less than two miles away, and the Busch Gardens animal theme park is less than three miles away.