Dunedin, Fla. – Berkadia announces it has arranged a $13.57 million recapitalization of Promenade at Edgewater, a 188-unit multifamily property in the Gulf Coast community of Dunedin, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the loan on behalf of the buyer, Pensam Capital.

Freddie Mac provided the 10-year, fixed-rate loan, with full term interest only.

“This was an asset that Freddie Mac and our team knew well, having financed it on Pensam’s acquisition some time ago,” said Foschini. “Working together we were able to transition the loan to one that was both exceptional in its terms, being interest only for the entire loan, and a compelling leverage to Freddie Mac given the amount of value unlocked by Pensam during their ownership of the property. With a long-term view, Pensam index locked at an opportune time in the market and provided strong cash-on-cash yield to its investors.”

Located at 257 Milwaukee Avenue, Promenade at Edgewater (formerly Lo Garto Apartments), was built in 1973 and consists of six two-story and three-story buildings and a single-story clubhouse on 13 acres of land. One- and two-bedroom apartments range from 728 square feet to 1,050 square feet, and all have central heat and air. Property amenities include a swimming pool, six on-site laundry facilities, a fitness center, designated dog walking area, picnic areas with grills and scenic lake views.

Promenade at Edgewater is conveniently located close to Clearwater Beach and St. Petersburg, 20 minutes from the St. Petersburg-Clearwater International Airport, and 30 minutes from the Westshore Business District, Tampa’s largest employment center.

Tampa, Fla. - Berkadia announces it has arranged the $43.2 million sale and $34.6 million financing of Allister Place, a 384-unit multifamily asset located in Tampa, Florida. Senior Managing Director Cole Whitaker of the Orlando office and Managing Director Jason Stanton of the Tampa office brokered the sale on behalf Aspen Square, the seller. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office arranged the financing on behalf of the buyer, a joint venture between The Michaelson Group, a real estate investment firm based in Jacksonville, and GMF Capital, a real estate investment firm based in New York City.

The South Florida team arranged a 10-year, fixed-rate Freddie Mac loan with 5 years of interest only payments followed by a 30-year amortization and an aggressive fixed rate.

“Strong annual net migration coupled with greater housing demand in the area has made Tampa one of America’s fastest growing cities,” said Sinberg. “The region’s economy has consistently grown over the past two years, and still continues to flourish as the area has added about 30,000 jobs to the market.”

Tampa has been listed as one of the top 10 places to invest in real estate in the U.S. for the first time in 40 years according to Pricewaterhouse Cooper and the Urban Land Institute.

Built in 1986, Allister Place is located at 4939 East Busch Boulevard. One- and two- bedroom units are equipped with walk-in closets, chef style kitchens with granite-style counter tops and stainless-steel appliances. Community amenities feature a clubhouse, business center, storage space, 24-hour fitness center, a resort style swimming pool, and front desk concierge services. The asset also includes 24-hour maintenance, lake views and poolside cabanas.

Situated in Temple Terrace, northeast of Tampa, Allister Place is centrally located to everything residents would need. With easy access to I-275, I-4, and I-75, Allister Place is a short distance to the University of South Florida, Busch Gardens, Raymond James Stadium, and Florida hospitals. Additionally, the asset is minutes away from downtown Tampa, where residents can frequent Tampa’s famous shopping and dining districts.

Orlando, Fla. - Berkadia announces it has arranged the sale of a five-property multifamily portfolio in central and north Florida. The properties, located in Gainesville, St. Petersburg and Daytona Beach, were sold to two separate buyers.

Senior Managing Director Cole Whitaker and Director Mary Beale of Berkadia’s Orlando office, along with Senior Director Jason Stanton of Berkadia’s Tampa office and Director Greg Rainey of Berkadia’s Jacksonville office, represented the seller, The McKinley Companies, a real estate investment firm based in Ann Arbor, Michigan.

Sun Pointe Lake Apartments (96 units) and Sun Pointe Apartments (119 units), both in Daytona Beach, were acquired along with Windmeadows Apartments (323 units) in Gainesville by GoldOller Real Estate Investments. Berkadia also secured the financing for these three properties through Freddie Mac and Fannie Mae. Senior Managing Director Robert Falese of Berkadia’s Philadelphia office arranged the financing.

Benchmark Group purchased the Sailpointe Apartments (60 units) in South Pasadena and El Mar Apartments (42 units) in North Redington, both near St. Petersburg.

“As Florida’s population continues to grow with about 1,000 people each day and is home to the nation’s third largest workforce, the sale of this portfolio indicates strong interest in multifamily investment in secondary markets due to a variety of positive factors drawing new residents to the state,” said Whitaker.

Built in 1986, Sun Pointe Lake Apartments is located at 1757 South Clyde Morris Boulevard. Two-bedroom units include dishwasher, disposal and lake views. Community amenities include laundry facilities, Wi-Fi, picnic area, fitness center, tennis court and swimming pool.

Built in 1986 and renovated in 2001, Sun Pointe Apartments is located at 1250 Woodcrest Drive. One-bedroom units include dishwasher and walk-in closets. Community amenities include a business center, fitness center, spa, pool, laundry facilities and picnic area with grill.

Built in 1972, Windmeadows Apartments is located at 3700 Windmeadows Boulevard. One- and two-bedroom units include dishwasher, range, microwave and walk-in closets. Community amenities include a fitness center, sauna, swimming pool, basketball court, game room, car wash area and laundry facilities.

Built in 1969, Sailpointe is located at 6742 Gulfport Boulevard. One- and two-bedroom units include stainless steel appliances, dishwasher, disposal, sunroom, and walk-in closets. Community amenities include a sundeck, picnic area, and lake access with boat docks.

Built in 1972, El Mar is located at 17035 Gulf Boulevard. Two-bedroom apartments include stainless steel appliances, dishwasher, disposal, range, breakfast nook, hardwood floors, sunroom, walk-in closets, and window coverings. Community amenities include a fitness center, bike storage, lounge, coffee bar, rooftop lounge, sundeck, courtyard and barbecue area.

Berkadia has arranged financing for Eagle Property Capital’s acquisition of three multifamily communities in Houston’s outer loop. The properties are Landmark at Barker Cypress (312 units), Champions Centre Apartments (192 units) and Champions Park Apartments (246 units). Miami-based Eagle Property Capital (EPC) is a real estate investment manager engaged in the ownership, acquisition, management and disposition of value-add multifamily apartment properties targeting predominantly, but not exclusively, Hispanic communities in the Southern United States, on behalf of institutional and private investors.

EPC is a repeat client of Berkadia, which has provided over $238 million of financing for EPC through 14 different transactions totaling nearly 4,000 units throughout Texas and Florida since 2015. Senior Managing Director Mitch Sinberg, Senior Director Brad Williamson and Associate Director Matthew Robbins of Berkadia’s South Florida office arranged the financing for these three properties through Freddie Mac’s “Green Advantage” program, which provides better pricing for reduction in water/energy consumption. EPC will invest half a million dollars in water conservation and energy-efficient upgrades to interiors and common areas of all three properties.

 All three loans were lower leverage fixed-rate, with 10-year terms and five years interest only.

“EPC is one of the top multifamily firms that targets Hispanic based communities, whose mission is not only to enhance the overall quality of life for its tenants, but also to improve the properties by recapitalizing them,” said Williamson. “EPC has been extremely active acquiring over $463 million of real estate and is currently on their fourth fund. We look forward to continue advising their firm and building our excellent relationship with them.”

 “With a continuously growing economy supported by updated infrastructure and a well-educated workforce, Houston’s multifamily market has seen tremendous growth with rising rents for the last year and a half,” said Sinberg. “The sponsor recognized this positive trend and capitalized on a strategic portfolio near major employment hubs including the Medical Cluster, the Energy Corridor and Memorial City.”

 “EPC believes in the strong fundamentals of the Houston market and is a city that has a perfect fit with our investment strategy and target demographic,” said Mr. Conesa, Co-Founder and Managing Principal of EPC.

 “Landmark at Barker Cypress, Champions Park and Champions Centre are quality assets with significant value enhancement opportunities in highly desirable locations in Houston that represent a great addition to our portfolio,” added Mr. Mahuad, Co-Founder and Managing Principal of EPC.

 “The trusted advice from Berkadia has been crucial to the growth of our firm,” said Mr. Conesa.

 Berkadia also secured financing for the following properties in Eagle Property Capital’s portfolio: Huntington Apartments in Houston; Valley Oaks in Hurst, Texas; Arlington Hills and Montecito Club in Arlington, Texas; Captiva Club in Tampa, Fla.; Gateway on 4th in St. Petersburg, Fla.; and Glen Arbor & Westgate, Sedona Park, Villas de Estancia, Colinas Ranch, and Woodchase & Clarendon in Irving, Texas.

Hoover, Ala. – Berkadia announces it has arranged $16.763 million in acquisition financing for Renaissance at Galleria, a 244-unit apartment community in Hoover, Alabama. Senior Managing Director Charles Foschini, Senior Managing Director Mitch Sinberg, Managing Director Chris Apone and Associate Director Matthew Robbins from Berkadia’s South Florida office arranged the acquisition loan on behalf of the buyer, MAG Renaissance, LLC, a real estate investment firm based in West Palm Beach, Florida. The property was 94.3 percent occupied at time of sale.

Fannie Mae is the designated lender providing a fixed-rate loan over a 12-year term with 5 years interest only.

“The Greater Birmingham employment market is seeing a healthy push from several automobile manufacturers calling Alabama home,” said Foschini. “Large-scale investments like those from Mercedes-Benz and MollerTech have supported the area’s multifamily community, where rising demand is expected to increase apartment occupancy by 10 basis points.”

“We are excited about another acquisition within this Birmingham submarket that we feel, to a certain degree, has been overlooked and underestimated,” added Jeremy S. Myers, President of Myers Apartment Group. “Between Hoover’s highly sought after school system, proven value-add performances, and limitations on new residential development, we are poised to reap the benefits of this recipe for success.”

Built in 1994, Renaissance at Galleria is comprised of sixteen residential buildings. One-, two-, and three-bedroom units include 9-foot ceilings, walk-in closets, and fully equipped kitchens. The community comes with a range of amenities such as a pool with lounge seating, a 24-hour fitness studio, and a business center.

Situated at 3800 Galleria Woods Drive, Renaissance at Galleria’s location is ranked as the fourth best place to live in Alabama. The neighborhood is recognized for its top 5 state-ranked school system and affluent demographics. Featuring 71 fully renovated units, the community sits off the frequented John Hawkins Parkway, providing easy access to over 10,000 jobs and nearly 3 million square feet of retail found in Hoover. The asset is also in close proximity to a large number of shops such as Walmart, Publix, and The Home Depot, among others.

Lubbock, Texas – Berkadia announces it has arranged a $48.687 million refinance loan for Capstone Cottages of Lubbock, a 969-bed student housing community with 216 units in Lubbock. Berkadia’s South Florida Capital Markets team of Senior Managing Director Charles J. Foschini, Senior Managing Director Mitch Sinberg, Managing Director Christopher Apone, Associate Director Matt Robbins, Senior Analyst Lourdes Carranza-Alvarez, and Analyst Shannon Wilson arranged the refinancing on behalf of Kayne Anderson Capital Advisors LP, an alternative investment management firm based in Boca Raton, Florida, and Capstone Collegiate Communities, a student housing development and investment firm based in Birmingham, Alabama.

Freddie Mac originated a 7-year, floating rate loan with two years interest only and a 65 percent LTV ratio.

“The student housing market exhibits solid advantages with consistent annual demand and returns,” said Foschini. “The opportunities for educated investment within the sector continue to make this asset class increasingly attractive, regardless of where we are in the economic cycle. Freddie Mac also continues to provide great flexibility to those it shares a relationship with. The transaction came with a variety of advanced waivers and approvals including a unique prepay option should the buyer decide to sell the asset in the near term.”

Built in 2017, Capstone Cottages of Lubbock is located at 4702 4^th Street. One-, two-, three-, four-, and five-bedroom units include granite countertops, stainless steel appliances, range, and washer/dryer. Community amenities include a business center, clubhouse, conference room, grill, picnic area, and multi-use room.

Located in northwest Lubbock, Capstone Cottages of Lubbock is located near the city’s downtown core and is less than five minutes away from Texas Tech University, ranked as the best cost-effective university in the Southwest. The community is also less than 10 minutes away from important transit routes including US-82 and Texas 289 Loop, offering convenient access to Lubbock and other Texas metropolitan areas.