BOYNTON BEACH, Fla. (November XX, 2022) – Berkadia announces it has secured a $93.6 million loan to refinance two multifamily communities located in Palm Beach County: Advenir at Banyan Lake and Advenir at La Costa, both vintage garden-style multifamily assets located in Boynton Beach, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of Advenir, a multifamily and single-family rental community developer and operator based in Aventura, Fla.
Freddie Mac provided the $93.6 million, fixed-rate, seven-year loan with full-term interest only.
Advenir acquired both properties in 2015 and conducted a value-add renovation program.
“In times like these, relationships matter,” said Foschini. “When our client called us about a refinance, we encouraged them to utilize Freddie Mac’s unique index lock feature for repeat borrowers and take rate risk off the table. Give the unprecedented volatility and over all climb in the treasury during the last several months, we were able to accomplish the borrower’s goals related to both terms, and returning substantial cash to the partners in both transactions.”
Located at 1561 Stonehaven Drive, Advenir at Banyan Lake is a 268-unit multifamily property built in 1986. It offers one-, two- and three-bedroom apartment units that range from 900 square feet to 1,290 square feet. Individual units feature oversized floor plans, walk-in closets, ceiling fans, washers and dryers, and private patios and balconies. Community amenities include a swimming pool, fitness center, BBQ grills, a playground, racquetball courts, two tennis courts and three lakes with a fountain.
Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit multifamily property built in 1986. It offers one- and two-bedroom apartment units that range from 784 square feet to 1,116 square feet. Individual amenities feature stainless steel double
bowl sinks with disposal, breakfast bar, Formica countertops, walk-in closets, vaulted ceilings, ceiling fans, full-size washer and dryer, private balconies, and patios. Community amenities include two resort-style pools, a 24-hour fitness center, a tennis court, an outdoor lounge area with Wi-Fi, a lakeside jogging trail with exercise stations, a car care center, a cybercafé and coffee bar, and a fishing dock.
Both properties are located in the heart of Boynton Beach with easy access to Florida’s Turnpike and Interstate 95, less than one mile from Quantum Corporate Park, Boynton Beach Mall, the JFK Medical Center, the Palm Beach International Airport and the Port of Palm Beach.
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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.
© 2022 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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Berkadia announces it has arranged the sale and financing of Castle Hotel, Autograph Collection by Marriott, a 213-key boutique hotel located in Orlando, Fla. Managing Directors Michael Weinberg and Preston Reid and Senior Director Wyatt Krapf of Berkadia Hotels & Hospitality represented the seller, Waramaug Hospitality, a private investment firm that specializes in hotels nationwide based in Dallas, TX., and Contrarian Capital Management, an opportunistic credit investing company based in Greenwich, Conn.
Managing Director Michael Weinberg secured acquisition financing on behalf of the buyer, Banyan Investment Group, a hotel investment company based in Atlanta, Ga. MetLife originated the three-year loan with two one-year extension options.
“We are pleased to close on this acquisition through our Banyan Lodging Enhanced Value Fund and appreciate the flawless execution by the Berkadia team in sourcing and arranging the debt financing. Our ability to provide certainty of execution combined with our nimbleness to navigate through a challenging capital markets environment proved to be advantageous. We are continuing to pursue both branded and independent hotels primarily in primary and secondary markets with multiple business and leisure demand generators,” commented Samir Yajnik, Principal and EVP of Investments at Banyan Investment Group.
“Orlando is seeing tremendous performance growth and this asset is directly adjacent to the new multi-billion theme park Universal is building which should really help the success of this investment,” said Weinberg. “It’s definitely a tough transaction market but we were thrilled to be able to advise both the seller on the disposition and the buyer with their acquisition financing.”
Built in 1995 and renovated in 2022, the Castle Hotel, Autograph Collection by Marriott hotel is located at 8602 Universal Boulevard and spans 3.4 acres. It consists of one nine-story building and two detached single-story buildings. Hotel amenities include a 24-hour fitness center, a heated pool and hot tub with a poolside bar, a full-service restaurant, complimentary shuttle, a 9,577-square-foot flexible meeting space that includes a 2,206-square-foot ballroom and self-park or valet. The hotel is in the heart of Orlando, close to International Drive on Universal Boulevard, The Orange County Convention Center, Universal Orlando Resort, SeaWorld Orlando and the Orlando International Premium Outlets.
Berkadia’s Hotels & Hospitality platform combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.
In August, SB Real Estate Partners acquired a 232-unit apartment property in Phoenix with its programmatic joint venture partner
PHOENIX (September 7, 2022) – Over the past 12 months, a programmatic partnership arranged by Berkadia has now delivered more than $100 million in equity towards SB Real Estate Partners’ (“SBREP”) multifamily expansion throughout the Southwest. On August 25, SB Real Estate closed on the $56.4 million acquisition of Obsidian on Ocotillo (renamed “Portola Glendale”), a 232-unit multifamily property in the Glendale suburb of Phoenix, Arizona, with a $23 million investment from the equity partner.
Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital sourced the equity provider, a Texas-based family office, as part of a broader programmatic relationship that launched in September 2021. With the closing of Portola Glendale, the partnership has acquired seven multifamily assets with a total transaction volume at more than $350 million including 620 units in Phoenix, 497 units in Las Vegas and 124 units in Redlands, California.
“Our team prides itself on putting together long-term partnerships between sponsors and capital and we knew that with SB Real Estate’s deep knowledge of Las Vegas, Phoenix and the Inland Empire that the family office would be keen to set up a programmatic relationship with a group of this quality,” said Kirkpatrick.
“Chinmay, Noam and Cody’s capital relationships have been transformative for the SBREP platform. Inclusive of the programmatic family office partnership, their involvement has been the rocket fuel to help turbocharge SBREP’s portfolio expansion across the Southwest since 2021. These guys are invaluable with respect to finding solutions across the entire capital stack,” said Srijin Bandyopadhyay, Founder and Managing Principal of SBREP.
Built in 1986 and located at 6801 W Ocotillo Road, Portola Glendale is a two-story garden-style apartment community offering one- and two-bedroom apartments ranging from 659 to 905 square feet. The gated community amenities include a pool, playground, business center, fitness center and racquetball court. The property is just 10 minutes from Glendale Community College, and less than 15 minutes from Grand Canyon University and Arizona State University, West.
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.
© 2022 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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
MIAMI (August 29, 2022) – Berkadia announces it has arranged $57.5 million in construction financing for Fourteen Residences Allapattah, a two tower, 237-unit apartment community located in Miami, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm led by Lissette Calderon. The property is located in a Qualified Opportunity Zone in the historic Allapattah section of downtown Miami.
Churchill Real Estate’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, originated the 24-month loan with two extension options.
“Our client Neology continues to dominate the Allapattah skyline with an innovative team and projects whose ‘attainable luxury’ concept serves the needs of the community and integrates nicely within it,” said Foschini. “While the market continues to be extremely volatile, the lender recognized the strength of the sponsor, Neology’s track record in Allapattah, where this is its third project, and Lissette Calderon’s personal vision for the evolution of the Allapattah community.”
“This deal further solidifies Churchill’s commitment to support the development of workforce housing in Miami,” added Robertson, Churchill’s Director and Co-Head of Originations. “We are thrilled to execute this deal with Neology amid unstable market conditions.”
“Churchill continues to build on, and augment, its presence in the greater South Florida market,” added Rosenfeld, also Director and Co-Head of Originations at Churchill. “Despite macro headwinds, South Florida continues to benefit from favorable factors that give us the confidence to double down in this market.”
Located at 1470 NW 36th Street, Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments including ground floor walk ups. It will offer studio, one- and two-bedroom units ranging 450 to 900 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy efficient kitchen appliances, in-unit washer and dryer, energy efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include curated original artwork, a multipurpose lobby, media lounges and living rooms, a rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, with a yoga and cardio studio, dog park with dog wash area, bike storage, virtual concierge and smart package lockers, and a parking garage with electric car charging stations as well as a ride share lobby.
The property, which will open in early 2024, enjoys a highly visible location on NW 36th Street just 5 minutes west of Wynwood and 10 minutes east of the Miami International Airport, close to the health district, which is the country’s largest concentration of medical and research facilities after Houston. It is just a short walk from the Allapattah Miami Metrorail Station, the Rubell Museum, and SuperBlue.
Neology’s portfolio now consists of more than 1,500 apartment units completed or under construction in Miami’s urban core, including The Julia, an upscale apartment community that will open in 2023, and Neology’s flagship Allapattah project, No. 17 Residences Allapattah, which opened in 2021 and leased up in record time.
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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.
© 2022 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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Moderne Apartments, along with joint venture partner BCDC, will develop The Governor, with 176 units, and Moderne Arrowhead, with 182 units
PHOENIX (August 31, 2022) – Berkadia announces it has sourced both a joint venture partner and a preferred equity provider for developer Moderne to build two new multifamily communities in Phoenix totaling 358 units: The Governor and Moderne Arrowhead.
Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the joint venture equity partner, BCDC as well as the preferred equity provider, a Texas-based investment manager, who together contributed a total of $55.5 million to the two projects. Construction commenced on The Governor August 1, 2022 and is scheduled to commence on Moderne Arrowhead September 19, 2022.
Moderne is a Phoenix-based, fully integrated real estate alternative investment manager focused on community-centric apartment and townhome development. Collectively, the Moderne team has delivered more than 35,000 units since 1990.
BCDC is a fully integrated real estate organization providing development and capital solutions primarily through partnerships. Based in Atlanta, it offers a wide variety of real estate services, from development and construction to equity and credit enhancements, to brokerage and property management.
Continued coastal migration, robust employment growth, relative affordability, and good quality of life have strengthened the Phoenix multifamily sector in the past year, according to Berkadia Research. In 2021, Maricopa County was the fastest-growing county in the United States, and a record high 15,000 units were absorbed in 2021.
“Our team had the privilege to work with the experienced team at Moderne and we knew that BCDC would be excited to form a programmatic partnership with such local experts,” said Kirkpatrick. “The capital stack on both deals were with some of the top providers of capital in the ground up multifamily space and we are excited to see the finished product in 2024,” added Franklin.
Located at 1717 E. McDowell Road, The Governor is a five-story, mid-rise apartment community with a total of 176 studio, one- and two-bedroom apartments averaging 739 square feet. The personal residence of Arizona’s first governor, W.P. Hunt, once stood on the project site, situated in the resurging Miracle Mile neighborhood. The preferred equity provider contributed $18.93 million in equity behind a $40.6 million senior loan by Pacific Western Bank. Completion is slated for June 2024.
Moderne Arrowhead is located at 15431 North 67th Avenue in Glendale, and is a three-story, garden-style apartment community with 182 units and surface parking. The property will offer studios, one- and two-bedrooms, and one-bedroom, one-bath carriage house units. The preferred equity provider contributed $18.10 million behind a $38.3 million loan from Pacific Western Bank. It is slated for completion in April 2024.
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.
© 2022 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.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx
Located in the Palm Aire Golf Course community in Pompano Beach, Stellar at Palm Aire consists of 39 new townhomes surrounded by trails and golf course views
Pompano Beach, Fla. (September 2, 2022) – Berkadia announces it has arranged the sale and financing of Stellar at Palm Aire, a new build-for-rent community consisting of 39 townhomes located in the center of the Palm Aire Country Club in Pompano Beach, Fla. Senior Managing Directors Roberto Pesant and Jaret Turkell, along with Director Yoav Yuhjtman, Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Stellar Communities. Pulso Capital purchased the property for $21.5 million, or $551,282 per unit.
Senior Managing Director Mitch Sinberg, along with Managing Directors Matt Robbins, Scott Wadler and Brad Williamson, and Senior Analyst Michael Basinski of Berkadia Miami arranged the debt on behalf of the buyer. Steeprock provided the $14 million, fixed-rate, five-year loan at a 65 percent LTV, with full term interest only.
“In a region where for-sale housing has seen prices increase by up to 50 percent in some cases, Stellar at Palm Aire provides residents with a spacious, new-construction high-end property with private outdoor areas and luxurious finishes at a rent that is attainable,” said Pesant.
“We have a strong belief in the dynamics of the South Florida Market and are actively looking for the right opportunities for our group,” said Maor Benami, co-founder of Pulso Capital Group. “This unique, Class A Built-for-Rent product, coupled with our management capabilities, makes Stellar at Palm Aire a perfect fit for us as we continue to grow our portfolio.”
Effective rent in South Florida rose 25.2% year over year, according to Berkadia Research – driven by an influx of new residents and corporate migrations over the last 12 months.
Located halfway between Fort Lauderdale and Boca Raton in a suburban setting west of I-95, Stellar at Palm Aire is the first new construction in the Palm Aire Golf Course
community in over 10 years. There are two-bedroom (1,475 square feet), three-bedroom (1,744) and four-bedroom floor plans (1,825 to 1,961) with rents ranging from $3550 a month to $4,350. Townhomes have attached garages. Its location in a peaceful community, surrounded by greenery, golf course views, walking, running & biking trails allows residents to enjoy the calm of suburban living while in close proximity to two of Florida’s main employment hubs. It is just 10 minutes from I-95, five minutes from the Florida Turnpike, and 15-20 minutes from both Downtown Fort Lauderdale and downtown Boca Raton.
Established in 2009, Stellar Communities is a full- service real estate development company with a progressive focus on eco-construction initiatives for residential communities. Since its inception, Stellar has helped over 2,500 families move into the next stage of their lives with a new home. With a deep-rooted commitment to quality and value, Stellar Communities builds inspiring homes and communities with unmatched efficiencies in some of the most highly sought-after coastal, urban, and suburban locations across South Florida.
Established in 2019, Pulso Capital Group, founded by Maor Benami and Salomon Kamkhaji, aims to improve lives while unleashing the total value of assets through conservative underwriting, appropriate financing arrangements, on-time constructions, and diligent property and asset management. The firm is actively focused on increasing its portfolio with value-add to Class A Built-for-Rent multifamily properties.
