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.

PORT ST. LUCIE, Fla. (August 16, 2022) – Berkadia announces it has arranged the $17.87 million recapitalization of The Enclave at St. Lucie West, a 91-unit townhome complex in Port St. Lucie, Fla. Senior Managing Director Mitch Sinberg, Managing Director Matt Robbins and Vice President of Originations Abigail Beuchamp of Berkadia Boca Raton secured the financing on behalf of the ownership, Rich Properties, a builder and developer based in Port St. Lucie.

Freddie Mac provided the 10-year loan with five years of interest only.

“Port St. Lucie has demonstrated strong market fundaments that Freddie Mac recognized, and the team acted and delivered quickly despite the volatile rate environment,” said Sinberg

Located at 150 Southwest Hidden Cove Way, The Enclave at St. Lucie West was built in 2007 and offers two- and three-bedroom units ranging from 1,314 to 1,683 square feet. Individual units feature tile floors, vaulted ceilings, granite countertops, stainless steel appliances, a pantry, ceiling fans, high speed internet, in-unit washer and dryers, walk-in closets, a tub and shower, double vanities, a patio and connected garages with remotes. Community amenities feature a pool and clubhouse with Wi-Fi, a fitness center, curbside trash pickup, on-site property management and video patrol.

Situated in Port St. Lucie, it is minutes away from the Florida Turnpike, the beach, St. Lucie Boulevard and 30 minutes away from Florida Atlantic University.

A joint venture between TruAmerica Multifamily and Oaktree purchased 
325 units at Arbors at Carrollwood

Tampa, Fla. (August 8, 2022) – Berkadia announces it has arranged financing for the acquisition of 325 units at Arbors at Carollwood, a core-plus opportunity within the highly sought-after Carollwood submarket of Tampa, Fla.  Senior Managing Director Mitch Sinberg and Managing Director Matthew Robbins of Berkadia Boca Raton, along with Managing Directors Brad Williamson and Scott Wadler of Berkadia Miami, secured acquisition financing on behalf of the buyer, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management, L.P. (“Oaktree”), both based in Los Angeles.

A bank provided a floating-rate loan with a five-year term.

“The Arbors at Carollwood offered investors a unique opportunity to acquire the premiere multifamily asset in one of Tampa’s top performing submarkets, where there is no new apartment supply,” said Robbins. “This property is a newly renovated, exceptionally maintained condo-quality asset in an affluent community that is walkable to over 2.6 million square feet of retail, offering a best-in-class amenity package as well as the opportunity for the new ownership to develop more units on the site.”

Built in 2001 by ZOM, Arbors at Carollwood is a garden-style apartment community consisting of 15 three-story buildings and a clubhouse located on 56 acres at 3939 Ehrlich Road. The property offers one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washer/dryer, and gourmet kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a stunning resort-style pool; cabanas, fire pits, and summer kitchen; 24-hour state-of-the-art fitness center; fenced in bark park with agility equipment and pet spa, renovated clubhouse with WiFi Café and business center; and attached and detached garages. The property was last renovated in 2019.

The property is centrally located just 15 minutes north of downtown Tampa and the Westshore Business District, and just minutes from I-275 and the Veterans Expressway. It is close to University of South Florida, St. Joseph’s Hospital and Advent Health Hospital, Busch Gardens Tampa Bay, and numerous retail and shopping destinations including Sprouts, Whole Foods, Target, Sam's Club, Starbucks and restaurants.

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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 

HOUSTON (August 8, 2022) – Berkadia announces it has arranged the sale and financing of Bridgewater Apartments, a 206-unit garden-style, workforce housing community in Tomball, Texas. Managing Directors Joey Rippel and Chris Young, Director Kyle Whitney, Managing Director Jeffrey Skipworth and Senior Managing Directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, Sentinel Capital, a private real estate firm based in Houston.

Cutt Ableson of Berkadia Houston secured the debt on behalf of the buyer, a partnership between Tranquility Capital, Abundance Equity Partners, and Rubio Investors, a Houston-based multifamily real estate investment partnership.

“Bridgewater is a great opportunity and win for Tranquility Capital, Abundance Equity Partners, and Rubio Investors," said Joey Rippel. "Zoning restrictions in Tomball create effective barriers to entry for new supply, while outsized population growth and excellent schools drive strong demand and above market rent growth. Bridgewater is one of only two trades to-date in the popular submarket this year. Berkadia facilitated both transactions, as well as a Class A transaction on behalf of Hines in the submarket last year. Interest is always high and competitive when Tomball assets become available."

Built in two phases in 1979 and 1982, and located at 1100 Graham Drive, Bridgewater Apartments offer one- and two-bedroom apartments ranging from 670 square feet to 944 square feet. Individual units offer newly updated interiors, fireplaces, wood-style flooring, white or black appliances, Formica countertops, shaker-style cabinet doors, upgraded hardware and plumbing fixtures, kitchen pantries, carpeted bedrooms, ceiling fans, walk-in closets, linen closets, utility rooms, washer and dryer connections, private patios and balconies. The community amenities include a resident kitchen, clubroom, business center, swimming pool with sundeck, poolside loungers, picnic areas with charcoal grilling stations, a serene courtyard, enclosed pet park, open greenspaces, laundry facilities, abundant open surface parking and storage closets available.

Located in Tomball, one of Houston’s fastest growing suburbs, and zoned to the #1 school district in Harris County, Bridgewater is close to the HCA Houston Healthcare Tomball, Baker Hughes, Methodist Willowbrook Hospital, City Place, ExxonMobil's new global headquarters, and The Woodlands.

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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. In Texas, Berkadia Real Estate Advisors LLC conducts business under TX Real Estate Broker License #9002106. Jay Gunn is the designated broker for the state of Texas, and his license number is #396855. Kyle Whitney’s license number is #658451, Chris Young’s license number is #630674, Joey Rippel’s license number is #654288, Jeffrey Skipworth’s license number is #560404, Chris Curry’s license number is #566750 and Todd Marix’s license number is 390880. 

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 

The 623-unit The Lofts at Twenty25 are located at the intersection of the Buckhead and Midtown submarkets

ATLANTA (July 18, 2022) – Berkadia announces it has secured financing for Westside Capital Group’s acquisition of The Lofts at Twenty25, a landmark, 623-unit multifamily high-rise property located in the heart of Atlanta, Ga.  Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured financing on behalf of buyer Westside, a real estate investment holding firm based in Miami, Fla., which purchased the property for $136 million.  This marks Westside’s entry into the Atlanta market.

Harbor Group International provided the $104.5 million five-year, floating-rate loan, which includes future funding for capital improvements.

“Westside has an uncanny ability to find value in a very dynamic market,” said Foschini. “Even as volatility entered the capital markets, Westside was able to execute on an extremely complex transaction in the contract time-period. The chosen lender in this transaction, Harbor Group, which is also a large owner of real estate, recognized the sponsor’s acumen and provided a loan that stood out in its terms and rate.”

Located at 2025 Peachtree Road, The Lofts at Twenty25 were originally built in 1951 and completely redeveloped in 2021 as a new building. The 16-story building features one-bedroom apartments ranging from 430 square feet to 600 square feet. Unit interiors feature 8- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless-steel appliances, track and pendant lighting, and walk-in closets, barn-style doors and stunning skyline views of Midtown and Buckhead. The property amenities include a 5,000-square-foot fitness center, swimming pool, movie theater, convenience store and coffee shop, dog park and dog wash, swimming pool, billiards and game room, office and conference rooms, bike storage, putting green, laundry facility and dry-cleaning service, EV charging stations, and 404 parking spaces.

The property is in a prime location at the intersection of Atlanta’s top two business districts, Buckhead and Midtown. The property is located amongst various residential neighborhoods with homes valued at $1 million and up. Peachtree Road medical corridor, which encompasses 3.6 million square feet of medical space and supports approximately seven thousand medical jobs, is located immediately adjacent. Bobby Jones Golf Course is right next door also. There are a variety of retail and restaurant options nearby and within walking distance including national brands like Fresh Market, Starbucks, CVS, Panera, Houston’s, Benny Hanna’s, Chick-fil-a, as well as many popular local brands.

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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. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. 

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 

Encore Narcoossee Apartments will introduce 249 new apartments to the Lake Nona submarket

ORLANDO (July 21, 2022) – Berkadia announces it has sourced a capital partner for Dallas-based Encore Multifamily, a division of Encore Enterprises, to develop its second apartment community in Orlando. The “Encore Narcoossee” community will be a three-story, 249-unit garden-style community on a 14.5-acre site located at 7567 Narcoossee Road, less than 10 minutes from Orlando International Airport in the growing Lake Nona submarket. Groundbreaking is expected to take place on August 1, 2022.

Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the capital provider, an institutional investment manager, providing a $16.39 million equity investment on top of a construction loan from Synovus Bank.

This is Berkadia’s third successful equity placement for Encore Multifamily; in 2021, the team sourced a capital partner for the company to develop Encore Chandler, a 208-unit, Class A multifamily development in Phoenix, and Encore Lower Broadway, a 386-unit apartment community in San Antonio’s Pearl District.

“It was great to once again assist the Encore Multi-Family team in sourcing an equity partner for the development of this well-located apartment asset,” said Kirkpatrick. “This project will provide much-needed high-quality housing in a flourishing market with a multitude of demand drivers.”

“The capital partner Berkadia sourced was able to navigate the current market volatility and close with us on the terms originally agreed upon,” said Charlie Keels, President of Encore Multi-Family, LLC. “We look forward to partnering on many more opportunities and continuing to grow our relationship with Berkadia.”

Encore Narcossee will deliver a mix of studio, one-, two- and three-bedroom apartments averaging 920 square feet, featuring upgraded finishes and a resort-style club, fitness center and pool. Tenants will benefit from living near the suburban community of Lake Nona and its proximity to local demand drivers, including top area employers, the tourism corridor, major roadways, and Orlando International Airport.

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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

About Encore Multi-Family           
Encore Multi-Family, LLC is a subsidiary of Encore Enterprises, Inc. and was founded in 2008 as a fully integrated multifamily developer, owner, and operator. The company is involved in all aspects of multifamily development projects and acquisitions, including ground-up developments, joint ventures, and mixed-use turnkey developments. For more information about Encore Multi-Family, LLC, visit www.encore.bz, or call (214) 259-7000.