HOUSTON - Berkadia announces it has arranged the sale and financing of Camden South Bay, a 270-unit multifamily community located in Corpus Christi, Texas. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office represented the seller, Fund South Bay. Senior Managing Director Cutt Ableson of Berkadia’s Houston office secured a Freddie Mac floating rate loan on behalf of buyer Tradewind Properties.

“Formerly known as South Bay, the property was already one of the best performing assets in this market, presenting a significant value-add opportunity due to its age and location,” said Epstein. “Much of the property still has its original finishes, which leaves ample room for a new owner to implement a rehab program of their choosing. In an investment environment where it is difficult to find yield especially for assets of this vintage, the asset will produce outsized dividends for its new owners.” 

Ableson noted, “The Freddie floater includes multiple years of interest only payments which allows for operational transition and asset improvements.”

Built in 2007, the property is located at 1701 Ennis Joslin Road. The three-story, garden-style community includes one-, two- and three-bedroom layouts ranging in size from 642 square feet to over 1,500 square feet. Units feature gourmet kitchens with black appliances, nine-foot ceilings, walk-in closets, washer/dryer, and patios, sun rooms and faux-wood flooring in select units. Common amenities include a 24-hour fitness center with adjoining kids play area; gaming lounge with billiards, shuffleboard and WiFi; pool and outdoor kitchen; business center with WiFi; picnic area with outdoor grills; sand volleyball court; bark park; garages and boat parking; car care center; door to door trash and recycling pickup; gated-access; and 24-hour emergency maintenance.

The asset is strategically positioned in a highly visible location near South Padre Island Drive, the major thoroughfare bisecting Corpus Christi. The property is located within 15 minutes of the booming Port of Corpus Christi, which is expected to become the nation’s top crude oil export hub over the next decade, Texas A&M Corpus Christi, Driscoll Children’s Hospital, and other major employment centers and retail or recreation destinations. 

Berkadia announces it has arranged $21.5 million in acquisition financing for Charter Landing Apartments, a 332-unit multifamily community in Jacksonville, Florida. Senior Director Brad Williamson of Berkadia’s Miami office secured the loan on behalf of Savlan Capital, a real estate investment firm based in Hollywood, Florida that purchased the property for $28 million. The firm plans to invest $4.3 million in capital improvements throughout the asset. Charter Landing was 90 percent occupied at the time of purchase.

A regional bank originated the five-year, non-recourse 3.75 percent fixed-rate loan with two years interest only and a 65 percent loan to cost. The $21.5 million loan includes $17.21 million in initial funding.

“The property demonstrated significant potential as a value-add investment in one of the fastest-growing cities in the nation and the largest in Florida,” said Williamson. “With a strong track record in multifamily, the sponsor was able to secure the asset with sufficient funds for a rehabilitation that may provide a 30 percent rise in income produced by the property.”

Built in 1975, Charter Landing Apartments is located at 5885 Edenfield Road. One- and two- and three-bedroom units include private balcony/patio with storage, dishwasher, disposal and range. Community amenities include two tennis courts, two swimming pools, 24-hour fitness center, playground and package service.

Located in the Charter Point submarket, Charter Landing is found on the St. John’s River and located near major employers and transit routes. Downtown Jacksonville is less than 20 minutes away, providing access to employers and institutions such as the Florida State College at Jacksonville and UF Health Jacksonville. Jacksonville Executive at Craig Airport is approximately 20 minutes away as well as Interstate 295, providing direct access throughout greater Jacksonville and Georgia.

Berkadia announces it has secured $18.75 million in acquisition financing for Axiom Apartments, a 202-unit multifamily community in Charlotte. Senior Director Brad Williamson of Berkadia’s Miami office and Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office arranged the financing on behalf of One Real Estate Investment (OREI), a real estate investment and asset management firm based in Miami.

Voya Investment Management originated a 3-year, floating rate loan with two one-year extension options. It includes $17.25 million in initial funding and $1.5 million in capital expenditure funding.

“The property’s value-add potential provides the sponsor with an opportunity to elevate income upside in one of the nation’s fastest-growing markets,” said Williamson. “The well-performing East Charlotte submarket exemplifies the broad trend of increased demand across the metro area.”

“The southeast U.S. and Texas are two areas we look toward for our investments,” said Jeronimo Hirschfeld, Chairman and CEO of OREI. “Charlotte’s strong rate of in-migration, expanding economy and below-average unemployment rate make it a highly desirable destination that complements our standards.”

Built in 1987, Axiom Apartments is located at 5625 Keyway Boulevard. One- and two-bedroom units include linen closets, kitchen pantry, washer and dryer connections, black appliance package, breakfast bar and private patio/balcony. Community amenities feature a clubhouse, swimming pool, fitness center, playground, business center and complimentary Wi-Fi.

Situated in East Charlotte, Axiom Apartments is located near important transit routes and employment areas. The property sits along East W.T. Harris Boulevard, offering a 20-minute drive to Downtown Charlotte and direct access to UNC Charlotte as well as the University City neighborhood.

Columbia, S.C. – Berkadia announces it has arranged $20.065 million in acquisition financing for Arcadia’s Edge, a 204-unit multifamily community in Columbia, South Carolina. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office secured the loan on behalf of West Shore LLC.

Berkadia originated a 10-year, fixed rate loan with five years interest only at a 75 percent LTV.

“Columbia’s easing development and steady growth created an opportunity for the sponsor to obtain an institutional-level asset with considerable income upside,” said Foschini. “The shortage of surrounding Class A assets also positions the property for further growth with market-leading features and amenities.”

Built in 2012, Arcadia’s Edge is located at 6837 North Trenholm Road. One-, two- and three-bedroom units include brushed nickel features, crown molding, designer wood cabinetry, island kitchens, granite countertops, kitchen pantry and walk-in closets. Community amenities include a car care center, clubhouse, community garden, cyber café, swimming pool and fitness center with bikes.

Situated in the Dentsville neighborhood of northeast Columbia, Arcadia’s Edge is located near important transit routes and employers. US-1 is under five minutes away, providing direct access to Downtown Columbia and the University of South Carolina and Interstate 20 is less than 20 minutes away, offering access throughout north Columbia and Columbia International University.

BOSTON – Berkadia announces it has secured $49.725 million in acquisition financing for Riverbend on the Charles, a stabilized 170-unit multifamily community in the Boston suburb of Watertown, Massachusetts. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the loan on behalf of Harbor Group International, a global real estate and investment firm based in Norfolk, Virginia.

PNC Bank originated the 7-year, fixed rate loan with partial interest only and a 65 percent LTV.

“Best in class assets and sponsors continue to attract amazing capital,” said Foschini. “Locking a rate at just over 3 percent, our client assured a very strong cash-on-cash return for their investors from the first date of their acquisition.”

Built in 2014, Riverbend on the Charles is located at 270 Pleasant Street. Studios, one- and two-bedroom units include stainless steel appliances, hardwood flooring, quartz countertops, espresso stained wood cabinetry, washer/dryer and large walk-in closets. Community amenities feature a clubhouse with billiards room, large bike storage room, solar panel heated pool, fitness center, storage units and a dog park.

Situated about 10 miles west of central Boston, the community is less than one minute away from Route 20, offering easy to the city’s urban core and the greater metro area. The asset is also close to the Route 128 office market which includes Waltham, Burlington & Woburn and Lexington & Arlington, offering a mix of established corporations and growing businesses including Raytheon, ADP and Vistaprint, as well as over 65,000 employees.

Berkadia announces it has arranged the sale and acquisition loan of Amber Lakes, a 278-unit garden style community in the Winter Park suburb of Orlando, Florida. Senior Managing Director Cole Whitaker and Director Mary Beale of Berkadia’s Orlando office represented the seller, West Springfield, Massachusetts-based Aspen Square Management. Managing Director Jason Rice of Berkadia’s Dallas office secured the loan on behalf of New York-based Ashcroft Capital.

“The Orlando metro area has significantly outpaced the nation in job creation, seeing a 3.6 percent increase over the past 12 months compared to a 1.5 percent average over the same period nationwide,” said Whitaker. “The continued rate of job growth coupled with elevated in-migration could keep upward pressure on rents, despite a strong influx of units expected to come online next year.”

Built in 1974, Amber Lakes is located at 4755 North Goldenrod Road. Studios, one-, two- and three-bedroom units include hardwood floors, walk-in closets, dishwasher, and washer/dryer. Community amenities include two resort-style pools, lounging sundeck with cabanas, white sand lakeside beach with hammocks, access to dock and Lake Nan, complimentary kayak and paddle board rentals, fitness center, tennis court, playground, bark park, and covered parking.

Situated northeast of Orlando, Amber Lakes is found near major transit routes and employers. Central Florida Greenway is about five minutes away, offering direct access to downtown Orlando and Orlando Executive Airport. Amber Lakes is situated in Winter Park with top-rated schools. Full Sail University, located 1.8 miles southwest, offers degrees in entertainment, media, and arts, but does not have dorms or on-campus housing.