Jacksonville, Fla. – American Landmark Apartments (“American Landmark”), one of the fastest-growing multifamily owner-operators in the country, and RSE Capital Partners (“RSE”) have acquired Eastport Apartments, a 440-unit multifamily asset in Jacksonville. The property will receive $4.9 million in capital improvements and be renamed Mezza. The property was 95 percent occupied at the time of sale.

The acquisition of Eastport Apartments marks the eleventh investment between the JV partners in over $550M of multifamily in the past two years and raises American Landmark’s Florida portfolio to 23 properties, with eight properties in Jacksonville. American Landmark currently owns and manages approximately 25,000 apartments throughout the Southeast and Texas and is adding another $2 billion in assets to its multifamily portfolio this year.

Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office, along with Senior Managing Director Robert Falese and Senior Director Matthew Cullison of Berkadia’s Philadelphia office, arranged a Freddie Mac Green Up loan.

“Jacksonville’s significant population growth was a motivating factor in the acquisition of this asset,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “The metro area’s 2 percent rise in population, coupled with a growing business sector, continues to make Jacksonville one of the more compelling markets to invest in, which is a trend we already identified in previous acquisitions.”

RSE and American Landmark plan to implement a variety of capital improvements throughout the property, including bringing all units to the same standard with subway tile backsplash, new cabinets, lower kitchen bar tops, granite countertops with new sinks, stainless steel appliances, updated plumbing and lighting, USB plugs, and framed mirrors. Common area upgrades will include pool repairs, a package locker system, new pool furniture, renovated clubhouse and fitness center, upgraded landscaping, and new signage.

Built in 2008, Eastport Apartments is located at 11701 Palm Lake Drive. One-, two- and three-bedroom units include dishwasher, disposal, range, walk-in closets and crown molding. Community amenities include a fitness center, spa, swimming pool, bike storage, tennis court, courtyard, grill and picnic area.

For more information, please visit www.alapts.com.

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About American Landmark

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States. Based in Tampa, Florida, American Landmark specializes in the opportunistic acquisition and aggressive management of value-add multifamily assets located in high-growth markets throughout the Southeast United States. Our current portfolio consists of approximately 25,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. The sponsorship team has a solid 25-year track record in the multifamily arena, having purchased and successfully exited over 150,000 units. Including the sale of its public company, Landmark Apartment Trust, to Starwood for $1.9 billion in 2015, the leadership team has delivered an average 23 percent IRR to investors over the past 25 years and our current funds are outperforming projections. We believe in alignment of interests between sponsors and investors, and full and transparent audited reporting in both GAAP and IFRS. American Landmark is committed to delivering great service and outstanding living environments to residents; and delivering consistent, attractive risk-adjusted returns to investors and partners.

About RSE Capital Partners

RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors.  RSE is currently invested in $3.5 billion of institutional multifamily assets and deployed over $320 million in 2018.  For more information, please visit: rsecap.com.

Tampa, Fla. – Berkadia announces it has arranged $33.5 million in acquisition financing for Lofton Place, a 280-unit multifamily community in north Tampa. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Senior Analyst Wesley Moczul of Berkadia’s Boca Raton office secured the financing on behalf of Taurus Investment Holdings, a global real estate private equity firm based in Boston. Providence Management Company, LLC, a real estate asset management firm based in Glenview, Illinois, sold the property.

Berkadia originated and Freddie Mac purchased a 10-year, floating rate Green Up loan with 5 years interest only.

“Ranked within the top five places to start a business in the U.S. and contributing to Florida’s low unemployment rate that’s below the national average, Tampa’s market continues to illustrate favorable multifamily fundamentals for investment,” said Sinberg. “As supply and demand of apartment units reaches equilibrium, the opportunity for rent growth remains as in-migration flows continue throughout the metro area.” 

“It was a pleasure to work alongside Taurus and Freddie Mac on the acquisition of Lofton Place,” added Robbins. “This will be a spectacular addition to their already impressive multifamily portfolio as they continue to expand.”

Built in 1988, Lofton Place is located at 5412 Deerbrooke Creek Circle. One-, two- and three-bedroom units include large patios/balconies, walk-in closets, garden-style tubs, extra storage closets, and washer/dryer. Community amenities include scenic water views, swimming pool, large sun deck, covered spa, expansive clubhouse and fitness center.

Situated in the Carrollwood/Citrus Park/Westchase submarket, Lofton Place is surrounded by demand drivers and important transit corridors. Tampa International Airport is less than 20 minutes away and Busch Gardens is less than 25 minutes away. Florida 589 is less than 10 minutes away, offering direct access to Downtown Tampa.

CHARLESTON, S.C. – May 31, 2019 – Berkadia announced today the $24.4 million sale of Hawthorne at Forestdale, a 234-unit garden-style multifamily property in Burlington, North Carolina. Managing Director Mark Boyce and Associate Director Blake Coffey both of Berkadia’s Carolinas’ office completed the sale on behalf of the Alabama-based seller. The buyer is based in Texas, and the deal closed on May 30. Senior Managing Director Richard Levine of Berkadia’s Atlanta office sourced a Fannie Mae loan on behalf of the buyer.

“This was a well-executed transaction from all parties involved—both buyer and seller were great to work with, and our Berkadia debt team was able to execute the financing ahead of our scheduled closing,” said Boyce. “Secondary markets in the Carolinas continue to be a hot topic amongst investors.”

Located at 3551 Forestdale Drive, Hawthorne at Forestdale features studio-, one-, two- and three-bedroom floor plans with large walk-in closets, interiors with modern finishes and private patios or balconies. Community amenities include a saltwater pool with sundeck, playground, cyber café, community pond, on-site laundry facilities, a 24-hour fitness center and dog park.

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.

Palm Beach Gardens, Fla. – Berkadia announces it has secured $79.53 million in refinancing for Turnbury at Palm Beach Gardens, a 540-unit multifamily asset in Palm Beach Gardens, Florida. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Analyst Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the loan on behalf of Advenir at PGA, LLC.

Berkadia originated and Freddie Mac purchased a 7-year, fixed rate loan with 3 years interest only. The LTV ratio was 80 percent.

“Advenir bought this deal just over a year ago and began implementing a value-add plan,” said Foschini. “When rates dropped, they used their position as a select sponsor and worked with Berkadia and Freddie Mac to convert the loan from a floater to a long-term fixed, protecting their investors from interest rate volatility and creating long-term cash flow benefits to continue the improvement plan.”

Built in 1974, Turnbury at Palm Beach Gardens is located at 4120 Union Square Boulevard. One-, two- and three-bedroom units include walk-in closets, dishwasher, range, balcony and crown molding. Community amenities include three swimming pools, new lounge furniture, summer kitchen with grilling station, 24-hour fitness center, basketball court, fitness trail and bark park.

Situated just north of West Palm Beach, Turnbury at Palm Beach Gardens is found near important transit corridors and employment hubs. The Gardens Mall, a 1.4 million-square-foot enclosed shopping mall, is less than 10 minutes away, offering more than 160 specialty shops and restaurants. Interstate 95 is less than five minutes away, and recreational areas including John D. MacArthur State Park and Juno Beach are 15 minutes away.

MIAMI – Berkadia announces it has arranged a total of $323 million in refinancing for a 13-property multifamily portfolio with 3,911 units throughout the Midwest and Southeast U.S. Senior Managing Director Mitch Sinberg, Associate Director Matt Robbins and Director of Operations Jared Hill of Berkadia’s Boca Raton office arranged the loans on behalf of STAR Real Estate Ventures, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust.

Berkadia originated and Freddie Mac purchased a 7-year, fixed rate loan for each property with a highly competitive spread.

 “The portfolio represents a diverse set of properties that have stabilized under the sponsor’s ownership after a number of years,” said Sinberg. “With interest rates remaining unchanged and secondary and tertiary markets producing a disproportionate share of population and economic growth, the opportunity to hold these properties was a compelling one.”

“The strength and quality of this portfolio are a testament to Star’s commitment to the highest standards,” added Issac Hera, CEO of STAR Real Estate Ventures. “We are excited to expand our relationship both with Freddie Mac and Berkadia, and would like to thank Mitch and his team.”

The properties in the portfolio include:

·         Tuscany Pointe Boca, located at 23126 Post Gardens Way in Boca Raton, Florida. Built in 1989, the 180-unit community offers studio, one- and two-bedroom apartments.

·         Savannah Place Apartments, situated at 22356 Calibre Court in Boca Raton, Florida. Built in 1988 and renovated in 2006, the 190-unit community features one- and two-bedroom apartments.

·         Melrose on the Bay Apartments, located at 16321 Bolesta Road in Clearwater, Florida. Built in 1986, the 358-unit community offers one-, two-, and three-bedroom apartments.

·         Park at Northside, situated at 3876 Northside Drive in Macon, Georgia. Built in 1972, the 192-unit community features one-, two- and three-bedroom apartments.

·         Rivoli Run, located at 200 Charter Lane in Macon, Georgia. Built in 1996, the 188-unit community offers one-, two- and three-bedroom apartments.

·         The Manchester at Wesleyan, situated at 1665 Wesleyan Drive in Macon, Georgia. Built in 1996, the 328-unit community is features one-, two- and three-bedroom apartments.

·         The Grove at Stonebrook, located at 1405 Beaver Ruin Road in Norcross, Georgia. Built in 1986, the 188-unit community offers one- and two-bedroom apartments.

·         Traditions at Augusta Apartments, situated at 3722 Walton Way Extension in Augusta Georgia. Built in 1976 and renovated in 2006, the 256-units community features one- and two-bedroom apartments.

·         Verandas on the Green, located at 101 Fairway Ridge in Aiken, South Carolina. Built in 1985, the 222-unit offers one-bedroom apartments.

·         Summerlin at Concord, situated at 500 Summerlake Drive Southwest in Concord, North Carolina. Built in 1985, the 160-unit community features one-, two- and three-bedroom apartments.

·         Avalon at Northbrook, located at 10230 Avalon Way in Fort Wayne, Indiana. Built in 1999, the 256-unit community offers one-, two- and three-bedroom units.

·         Windsor Lakes, situated at 7499 Woodward Avenue in Woodridge, Illinois. Built in 1974 and renovated in 2003, the 762-unit community features studio, one- and two-bedroom apartments.

·         Legacy of Cedar Hill, situated at 720 North Joe Wilson Road in Cedar Hill, Texas. Built in 2000, the 600-unit community offers one-, two- and three-bedroom apartments.

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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.

© 2019 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. 

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HOUSTON – Berkadia announces it has arranged $1.75 million in preferred equity for the construction financing of The Edge at Langham Creek, a 115-unit multifamily property in Houston. The investment was the final piece of the $18 million capitalization for the project. Associate Director H. Mark Crosswell, CFA and Analyst Eric Kline of Berkadia’s Houston office arranged the preferred equity financing on behalf of HS Development.

MidHudson was the equity provider.

“We had originally sought a traditional equity partner to finance the cumbersome reserves for HUD financed housing developments, but through the Berkadia network, we were able to identify a new provider, MidHudson Capital, that had a product specifically for this type of funding requirement,” said Crosswell. “Their knowledge of HUD’s 221(d)(4) senior financing program made them easy to work with and allowed us to meet a tight deadline.”

Berkadia’s equity platform in Houston has arranged joint venture and preferred equity on a variety of transactions for numerous clients in both heavy value-add situations and ground up construction. Berkadia’s Houston office has arranged equity transactions as low as this unique placement as well as in excess of $20 million.

“The Edge at Langham Creek is well-positioned to benefit from pent-up demand in this developed area,” added Crosswell. “Most of the multifamily development in the Bear Creek/Katy submarket is focused in the Energy Corridor along Interstate 10.  New supply has been limited further north in the developed area surrounding the subject site.”

Located at the southwest corner of Yorktown Crossing Parkway and Homma Drive, the property is situated one block from Highway 6, providing easy access from the Bear Creek area to the rest of the metropolitan area. Interstate 10 and the Energy Corridor are conveniently located 10 minutes to the south, and the Texas Medical Center West Campus, employing almost 4,000 medical professionals, sits 20 minutes away along Interstate 10.