Berkadia announced today it has appointed Scott Wadler as Managing Director. Wadler, who brings over a decade of expertise in debt and equity placement across all product types, will be based in the firm’s Miami office.

This is Berkadia’s fifth high-level appointment in Florida over the past five months. Earlier this summer, Jaret Turkell and Roberto Pesant were appointed to co-lead Berkadia’s South Florida Investment Sales team. Michael Weinberg and Rebecca Van Reken, two top debt and equity producers, were named Managing Directors of Berkadia’s Orlando office in September.   

“Wadler brings an added dimension of expertise that will expand Berkadia’s ability to serve clients throughout the Southeast,” said Mitch Sinberg, Senior Managing Director and co-leader of Berkadia Florida. “His experience will complement the team dynamic in Miami, and we look forward to his continued success.”

“In addition to being an established leader nationwide in mortgage banking, Berkadia is rapidly growing and diversifying its capital markets platform throughout Florida,” said Wadler. “I’m excited to bring my expertise to bear in helping them expand and further diversify across asset classes, markets and relationships.”

Prior to joining Berkadia, Wadler spent over ten years at HFF, most recently as a Senior Director of HFF’s Miami office, where he formed a niche expertise handling construction financing, hospitality and residential transactions throughout the southeast. He also previously held positions at Related Group Florida and Fortune International Realty.

Wadler earned his Bachelor of Business Administration from the University of Miami.

Austin, Texas - Berkadia today announced that it has secured both the equity and debt financing for the acquisition of Mira Vista Apartments, a 200-unit garden-style property located in Austin, Texas. Senior Director Brad Williamson of Berkadia’s Miami office arranged the debt financing on behalf of the buyer, Miami-based One Real Estate Investment (OREI). Berkadia’s Joint Venture Equity & Structured Capital Group, led by Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, delivered a NYSE-traded REIT as the equity partner. 

Berkadia provided a $15.1 million, ten-year, fixed-rate loan with a 3.24 percent interest rate and five years interest only. The property was 97 percent occupied at the time of sale.

“One Real Estate Investment acquired this property in an off-market transaction after a previous offer fell through,” said Williamson. “OREI will execute a value-add program, including upgrades to the common area and exterior upgrades, rebranding and bringing on institutional quality management and will also be looking to implement green initiatives including water and energy savings programs throughout the property.”

“We are excited that OREI trusted us to help them identify a partner, after having closed multiple transactions with them this year. Given OREI’s established platform and track record, we were confident institutional capital providers would be keen to align themselves with a sponsor of this quality on an off-market opportunity in Austin with real value-add upside,” added Franklin.

Led by CEO and Founder, Jeronimo Hirschfeld, OREI has acquired over 2,000 multifamily units this year.

Built in 1983, Mira Vista Apartments is a 200-unit, garden-style multifamily community composed of 32 one-bedroom units and 168 two-bedroom units ranging from 650 square feet to 960 square feet. Amenities include a bark park, clubhouse, community BBQ grill area, courtyard, playground, sauna, recycling, refreshing pool with sundeck, resident business center with internet access, pool, Wi-Fi hotspot area around the pool area, and 400 parking spaces. 

The property is conveniently located within a mile from Interstate 35, providing easy access to several shopping centers, schools and a major transit stops. It is situated 7.8 miles from downtown Austin and 13 miles from Austin-Bergstrom International Airport (ABIA).

SAN ANTONIO - Berkadia announces it has arranged acquisition financing for The Vistana, a 17 story mixed-use community with 247 residential units and over 30,000 square feet of retail space in San Antonio, Texas. Senior Director Brad Williamson of Berkadia’s Miami office secured the loan on behalf of a joint venture between Duncan Hillsley Capital and Rincon Real Estate Investments.

A national bank originated a five-year, low 3.11% percent fixed rate, non-recourse loan with future fundings for the renovation of the property. The interest only period is five years.

“The property’s location and integration of multifamily with retail, coupled with an extensive value-add program, will allow the sponsor to create an asset that complements nearby developments such as the new Frost Bank Tower,” said Williamson.

Built in 2009, The Vistana is located at 100 North Santa Rosa Street. Studios, one-, two- and three-bedroom units include downtown and park views, an expansive amenity deck on the 6^th floor overlooking the city, and a convenient self-storage facility within the property.

Situated in Downtown San Antonio, The Vistana is conveniently located near major transit routes and employment hubs. Interstate 10, Interstate 35 and Interstate 37 are about five minutes away, providing easy access to the rest of San Antonio and Texas. Historic Market Square and Milam Park are a five-minute walk, and University of Texas at San Antonio’s Downtown Campus is a 10-minute walk from the property.

HOUSTON – Berkadia announces it has arranged the sale and financing of Lakes of 610, a 276-unit multifamily community in Houston. Director Jennifer Ray and Senior Managing Director Ryan Epstein of Berkadia’s Houston office represented the seller, Starwood Capital Group, in the transaction. Managing Director Andy Hill of Berkadia’s Austin office secured a $19.7 million loan on behalf of Western Wealth Capital.

Berkadia arranged and Freddie Mac purchased the loan.

“Lakes of 610 offered a rare value-add opportunity in Houston due to all of its units maintaining their original finishes, as well as the property’s infill location,” said Ray. “After a potential rehab package, the asset may yield greater rents for the owner in an area surrounded by newer communities while improving the quality and standard of the property throughout.”

Built in 1983, Lakes of 610 is located at 2701 West Belfort Avenue. One- and two-bedroom units include mirrored closet doors, private balconies and patios, breakfast bar, dishwasher and extra storage. Community amenities include a swimming pool and spa, gated access and 24-hour maintenance. 

Situated adjacent to the Texas Medical Center, Lakes of 610 is ideally found near the largest medical center in the world and new developments such as TMC3 that will bring over 25,000 jobs. Galleria/Uptown, one of the largest business districts in the US, is approximately 10 minutes away, and Downtown Houston is about 15 minutes away.

Pembroke Pines, Fla. – Berkadia announces it has secured $36.14 million in acquisition financing for Ventura Pointe, a newly built 206-unit multifamily community located in Pembroke Pines, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of the buyer, Ventura Pointe Apartments, LLC.

MetLife originated a 5-year loan with full-term interest at a 65 percent loan to value.

“Broward County has demonstrated considerable economic growth in a variety of sectors,” said Foschini. “Multifamily fundamentals will remain strong as demand is expected to continue growing steadily and create annual upward pressure.”

Built in 2018, Ventura Pointe is located at 7850 Pasadena Boulevard and consists of four- and five-story modern garden-style buildings with elevator access. One-, two- and three-bedroom units include nine-foot ceilings, granite countertops and stainless steel appliances, vinyl plank flooring, private balconies and other high-end finishes. Community amenities include a swimming pool with lounge area and summer kitchen; clubhouse and resident lounge with kitchen, billiards table and business center; 24-hour fitness center; spin room; pet park with agility course; and two-acre park with lake and walking path.

Located in southern Broward County, Ventura Pointe is near multiple highways and employment hubs. Interstate 75 is about six miles west of the property and Interstate 95 is just five miles east. The new regional American Express headquarters is 20 minutes away, as well as Fort Lauderdale-Hollywood International Airport. Downtown Fort Lauderdale and Port Everglades are 25 minutes away, supporting over 9 million square feet of office space and over 13,000 direct jobs at the port.

Berkadia announces it has arranged a $13.6 million loan for the acquisition of Eldorado, a 120-unit garden-style apartment community located in Naples, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged the loan on behalf of the sponsor, KHP Eldorado Acquisitions LLC.

Berkadia originated and Fannie Mae purchased the fixed-rate, 12-year loan, with six years interest only and a 75 percent loan to value.

“Eldorado offered the opportunity to acquire a well-maintained garden-style community with below market rents located in one of the most attractive submarkets in the state of Florida,” said Foschini. “The community is within minutes of significant demand drivers including beaches, private golf courses, and a plethora of upscale shopping destinations and employment centers, and is an ideal candidate for implementation of a comprehensive value-add strategy, including adding luxury finishes to units, to garner additional rent premiums.”

Built in 1988, the property contains a mix of one- and two-bedroom units averaging 910 square feet in 16 two-story buildings. The previous owner recently completed $1.3 million in capital improvements, including new roofs on four buildings, brick pool pavers, low flow toilets in 104 units, gutters on all buildings, and unit interior renovations to 97 units.  

Community amenities include a resort-style swimming pool with sun deck, WiFi-enabled community clubhouse with lounge area, full kitchen and business center, Amazon Hub-branded package receiving and storage lockers, a dog park and poolside BBQ grilling area.

Eldorado is ideally situated a few miles east of Interstate 75 and less than seven miles from the pristine beaches of the Gulf of Mexico and the downtown Naples area.