OKLAHOMA CITY (March 3, 2020) – Berkadia announces it has arranged a $33.78 million loan for the acquisition of Sycamore Farms Apartments, a 398-unit apartment community located in Oklahoma City, Oklahoma.

Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office arranged the financing on behalf of the sponsor, a partnership between GMF Capital and Vesta Capital, a privately held real estate investment firm focused on the acquisition and management of multifamily properties in Oklahoma and Arkansas. 

Berkadia originated and Freddie Mac purchased a 10-year, fixed-rate loan with five years interest only.

“With limited new supply, rents in the Oklahoma City area have risen about 3.8 percent year over year – above the national average of 3 percent – which has made this metro area an attractive place for multifamily investors,” said Sinberg.

Built in 1998 and located at 14900 North Pennsylvania Avenue, Sycamore Farms Apartments offers one-, two- and three-bedroom apartments ranging from 692 square feet to over 1,300 square feet. Units feature modern finishes, expansive windows, gourmet kitchens with high-end appliances, and private patios or balconies. Some homes also include a fireplace. Amenities at the gated community include two resort-style pools, a 24-hour fitness center, a resident business center, dog park, and picnic and barbecue grill areas. Detached and attached garages are also available along with covered parking.

Sycamore Farms is located less than 20 miles north of downtown Oklahoma City, with convenient access to the John Kilpatrick Turnpike and a number of dining, shopping and entertainment destinations.

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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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Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announce the acquisition of Triple Crown at Tates Creek, a 228-unit garden style community in Lexington, Kentucky. This is the firm’s fourth property as part of Monument Opportunity Fund IV, which will also undergo an extensive capital improvements project.

The firm now owns a total of 24 properties with nearly 5,000 units throughout the Sun Belt region and the Midwest, and is actively engaged in pursuing additional investment opportunities.

“As multifamily investment remains highly competitive throughout most states in the Sun Belt due to job and population growth, tertiary markets like Lexington create a unique opportunity to enter burgeoning markets at attractive price points with potential for high yield,” said Stuart Zook, Principal and CIO of Monument Capital Management. “The University of Kentucky’s footprint, along with a strong local manufacturing presence, make Lexington a promising market with room for growth.”

Managing Director Brad Williamson and Associate Director Wesley Moczul of Berkadia’s Miami office arranged the acquisition financing in under 31 days, utilizing a corresponding life company to originated a 3-year, floating rate loan with two 1-year extension options and full-term interest only. The loan represents total capitalization of 80 percent of cost and is priced at a rate of Libor + 265 percent. Berkadia will retain servicing through the life of the loan post-closing.

Built in 1974, Triple Crown at Tates Creek is located at 3501 Pimlico Parkway. One-, two- and three-bedroom units include brushed nickel finishes, private patios and balconies, wood style flooring, dishwasher and heating. Community amenities include a swimming pool, fitness center, playground, barbecues with outdoor dining and a dog walk area.

Situated near employment hubs and transit corridors, the property is less than 10 minutes away from Downtown Lexington and the University of Kentucky, and under 20 minutes away from Amazon’s local fulfillment center. Toyota’s manufacturing plant employing about 8,000 employees is about 30 minutes away, with transit routes like Interstate 75 and Interstate 64 less than 15 minutes away, offering access to the greater Lexington area and Kentucky.

Berkadia announces it has arranged a $45.93 million loan for the refinance of Ridge@4100, a 320-unit multifamily community located in Kissimmee, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the loan on behalf of an affiliate of Insula Companies, a real estate investment firm based in Sarasota, Florida.

Berkadia originated and Freddie Mac purchased a 10-year, floating-rate loan at an aggressive interest rate, with five years interest only.

“The sponsor was able to take advantage of favorable loan terms that allows for a long-term hold while still maintaining flexible prepayment terms in a market that’s seeing continued population growth and sound fundamentals,” said Robbins. “A rise in residents and demand for housing will only increase the value and potential for such an asset, turning it into an essential component of the sponsor’s portfolio.”

Built in 1999, Ridge@4100 offers one-, two-, three- and four-bedroom units ranging from 697 square feet to up to 1,336 square feet, including full size washer/dryer units, walk-in closets, vaulted-ceilings in some units and additional storage. Community amenities included gated-entry, a luxurious clubhouse, fitness studio, grill and picnic areas, a swimming pool and lake views.

Ridge@4100 is located just 30 minutes from downtown Orlando, and just 15 minutes from the Florida Turnpike.

Just last month, Berkadia also arranged $6.8 million in bridge financing on behalf of the same sponsor, an affiliate of Insula Companies, for Bentley Pines, a 112-unit multifamily community in Lakeland, Florida.

Berkadia announces it has arranged the sale and financing of Magnolia Grove, a 268-unit garden style community in southeast Houston. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office arranged the sale on behalf of Lantower Residential, a real estate investment firm based in Dallas. Senior Managing Director John Koeijmans and Associate Director Austin Blankenship of Berkadia’s Dallas office arranged the acquisition financing on behalf of a Dallas-based privately owned company.

On behalf of the buyer, Berkadia secured a 10-year, floating rate Freddie Mac loan.

“The asset’s strategic location between Interstate 45 and Beltway 8, along with nearby repositioned properties that have seen significant rent growth, created a compelling value-add opportunity for the new owner,” said Epstein. “Continuous demand throughout the MSA will allow for the property to achieve market rate rents on par with neighboring communities, providing noticeably improved operating income.”

Built in 1984, Magnolia Grove is situated at 12601 South Green Drive. One- and two-bedroom units include walk-in closets, brushed nickel features, faux wood blinds and private balcony/patio. Community amenities feature a clubhouse, swimming pool, outdoor grilling plaza and 24-hour fitness center.

Located in the Southbelt/Ellington neighborhood, Magnolia Grove is found about five minutes away from I-45 and Sam Houston Expressway, providing direct access to Downtown and Greater Houston. The transit corridors conveniently connect residents to employment hubs such as the Texas Medical Center, Hobby Airport, Ellington Airport and the Port of Houston.

Greensboro, NC - Berkadia announces it has arranged $25.775 million in acquisition financing for Waterford Place, a 240-unit multifamily community in Greensboro, North Carolina. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office secured the loan on behalf of a joint venture between New York-based GMF Capital and Eminent Capital, a real estate investment firm based in Lakewood, New Jersey.

Berkadia originated and Freddie Mac purchased a 10-year, fixed rate loan with 5 years interest only at a competitive interest rate.

“Situated just outside North Carolina’s Research Triangle, the sponsor was able to secure advantageous terms in a low interest rate environment that allows for a compelling hold period complemented by major research universities,” said Sinberg. “The state’s growth forecast also created favorable conditions that will support the borrower’s investment strategy.”

Built in 1997, Waterford Place is located at 101 Shore Lake Drive. One-bedroom units include a dishwasher, disposal, range, washer/dryer and internet access. The pet-friendly community features storage space, a clubhouse, putting green, nature trails, recreation area on Lake Jeanette, fitness center, swimming pool and playground.

Located in the Lake Shore neighborhood of Greensboro, the community is just 15 minutes away from Downtown Greensboro. Nearby employers include the University of North Carolina at Greensboro, North Carolina Agricultural and Technical State University and the Greensboro Science Center. Wendover Avenue is approximately 10 minutes away, offering direct access to the Piedmont Triad International Airport and Winston-Salem.

New York, NY - Berkadia today announced that it secured stretched senior financing (a senior loan with a mezzanine loan component) for Emmut Properties’ new 60-unit residential development at 433 West 53^rd Street in New York, NY.

Berkadia’s Joint Venture Equity and Structured Capital Group in New York, led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick, arranged $32.0 million in stretched senior financing for the newly built property. Keysite Capital Partners provided the financing.

“Understanding our client’s unique requirements for this particular recapitalization, Berkadia’s JV Equity & Structured Capital Group ran a very targeted process to identify an ideal capital source in a timely and efficient manner,” said Bhatt.

Emmut Properties’ John Young added, “Keysite Capital Partners provided the right combination of favorable pricing and flexible structure and were very easy to work with.”

The property 433 West 53^rd Street has a unique block-through presence with a second entrance on West 54^th Street. The 60-unit project boasts a private courtyard and convenient Midtown Manhattan location. It is a great addition to Emmut Properties’ significant NYC-focused portfolio.

This is Bhatt, Franklin and Kirkpatrick’s second time around with Emmut Properties; in 2018, the team arranged a $40 million bridge loan through Emerald Creek Capital for the company’s 138 Bowery hotel project.