Berkadia announces it has arranged a $12 million refinance loan for The Forge Lofts, a 35-unit boutique building completed in 2022 in the heart of the FATVillage™, downtown Fort Lauderdale’s historic warehouse-turned-tech district. Managing Director Brad Williamson, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matt Robbins of Berkadia South Florida arranged the loan on behalf of the sponsor, Urban Street Development, a full-service development firm based in Fort Lauderdale.


Fannie Mae provided the seven-year, fixed-rate loan with full-term interest-only, through its Near-Stabilization Program and Green Building Certification Program.


“This asset is a unique rental loft unlike any other rental property, with high ceilings and an open layout, and excellent Opportunity Zone location,” said Williamson. “Berkadia was able to structure fixed-rate debt with full-term interest-only to mirror the sponsor’s business plan. The Forge Lofts are a great addition to this growing neighborhood.”

Located at 401 NW First Avenue, The Forge Lofts offers one- and two-bedroom units ranging from 775 square feet to 1,330 square feet. Individual units feature 10- to 13-foot ceilings, polished concrete floors, premium kitchen appliance packages with custom kitchen islands, smart home technology, and large balconies. Community amenities include controlled building and garage access, reserved parking, an electric car charging station, high speed Wi-Fi, a 24/7 fitness studio, a summer kitchen and a heated pool.


The Forge Lofts are within walking distance to the Brightline, The Broward Center for the Performing Arts, the Fort Lauderdale Museum of Art, and the Museum of Discovery and Science.

Located in the heart of Wynwood, The Dorsey was developed by Related Group, LNDMRK and Tricera Capital

MIAMI (April 17, 2023) – Berkadia announces it has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed, mixed-use development located in Miami’s Wynwood neighborhood. The 306-unit property was co-developed by Related Group, LNDMRK, and Tricera Capital. Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.


The lender, MF1 Capital, delivered a quick and certain closing despite recent market volatility and provided the 30-month, interest-only loan to take out the existing construction financing.


“Despite the macro headwinds, lender confidence remains high for those projects of the highest quality,” said Jon Paul Perez, President of Related Group. “In the case of The Dorsey, we had several factors working in our favor: namely an unmatched location in the world’s most desirable neighborhood, gorgeous designs and a development team that’s second to none.”


Located on the corner of NW 29 Street and NW 3rd Avenue, The Dorsey is at the epicenter of the world-famous Wynwood neighborhood. The property features 73,000 square feet of office space, and 36,000 square feet of ground floor retail. The office portion is fully leased to Schonfeld Strategic Advisors, a New York-based hedge fund making The Dorsey their second headquarters, and Industrious, a leading coworking provider with over 160 locations globally.


“Securing this refinancing in the current market environment shows the strength of our partnership, which worked together and fully pre-leased Dorsey Wynwood’s office space to credit tenants at market-setting rents,” Tricera CEO Ben Mandell said. “It is incredible to see first-hand the evolution of Wynwood over the last 15-plus years from a once overlooked industrial area into a vibrant, all-encompassing neighborhood with dense work, live and play components.”


The Dorsey also includes 306 luxury apartments, with floor plans ranging from 450 to 1,600 square feet. Residents will enjoy a highly curated set of on-site amenities, like a cutting-edge fitness center with a spin and yoga room, a first-class pet spa, a resort-style rooftop pool, a sprawling outdoor courtyard and more. The development also boasts a collection of world-class art

displayed across all common areas.


“The Dorsey is the premier mixed-use development in one of the most desirable 24-hour submarkets in the nation,” said Wadler. “The Property’s strong lease-up velocity and best-in-class features and finishes led to significant lender interest in the refinance.”


The Dorsey’s modern mixed-use design blends with Wynwood's walkable, urban neighborhood. The project’s impactful integration into the neighborhood has already brought accolades as it was named the Multifamily Development of the Year for South Florida at the 2023 CoStar Impact Awards.




About Related Group

Established in 1979, Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception more than 40 years ago, the company has built, rehabilitated, and managed over 100,000 condominium, rental, and commercial units. The firm is one of the largest privately owned businesses in the United States with a development portfolio worth more than $40 billion. Currently, Related Group has 90+ projects in varying phases of development.

The company has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers, and affordable properties – all built with the goal of positively impacting neighborhoods and improving quality of life across all demographics. Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities' global culture and streetscapes. For more information, please visit


About Tricera Capital:
Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera has leveraged its institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The team of seasoned real estate professionals with a deep track record of success in deal sourcing, leasing, acquisitions, syndication and overall execution. The talent and experience enables Tricera Capital to consistently perform and deliver superior returns to investors. For more information, visit


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

The seven-person team, which joined Berkadia in 2021, closed on approximately $3 billion in multifamily sales in 2022, including several trophy assets in the Houston MSA

HOUSTON – The Berkadia Houston Investment Sales team marked a record-breaking year in 2022, closing on 55 multifamily property sale transactions with a gross dollar volume of approximately $3 billion. The seven-person team consists of Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Jeffrey Skipworth, Joey Rippel and Chris Young and Director Kyle Whitney. According to MSCI Real Capital Analytics, Berkadia Houston was the top performing investment sales team in the Houston metro, as ranked by multifamily deal transaction volume in 2022. 

“2022 was one of the most active years on record for the Houston MSA, even with the slowdown in transaction activity during the third and fourth quarters,” said Curry. “We think this speaks to the strength of multifamily fundamentals in Houston, the quality of assets and its cost-effectiveness relative to other markets.”


Added Marix, “Looking further into 2023, we anticipate investors will continue to wait for stability in interest rates, and a pricing reset, before resuming activity. That said, there’s still plenty of dry powder on the sidelines, the debt markets are likely to loosen up next year and multifamily continues to be a favored asset class. There will also be more opportunistic deals hitting the market in the second and third quarter.”


Other observations about the Houston market:


  • Multifamily fundamentals continue to moderate, with rent growth likely in the 2 to 4 percent range this year
  • A declining pipeline of new multifamily development will benefit fundamentals, supporting organic rent growth



The Berkadia Houston team arranged the following notable transactions in 2022: 


  • The sale of Chelsea Museum District, a 325-unit trophy-quality multifamily high-rise in Central Houston, on behalf of Alliance Residential Company, a residential real estate developer based in Scottsdale, Arizona. 
  • The sale of Lenox Clear Lake, a ­380-unit, Class A garden-style multifamily community, on behalf of the seller OHT Partners. The Praedium Group acquired the property.
  • The sale of The Dawson, a 354-unit multifamily community in the Energy Corridor, West Houston’s Central Business District, on behalf of seller RPM Living.
  • The contribution and finance of the Southstar Sunbelt Multifamily Portfolio, a four-property portfolio consisting of 1,115 apartment units in Texas and Florida, on behalf of Southstar Properties. MLG Capital was the buyer. 
  • The sale of two workforce multifamily properties with 687 units combined in a Qualified Opportunity Zone (QOZ) in Houston: The Alora and The Ellis. The properties were marketed on behalf of The Barvin Group and sold to Indus Management.



 Nord Group acquired the 228-unit Edgewater Apartments

Berkadia announces it has arranged the sale of Edgewater Apartments, a 228-unit, Class A garden-style multifamily apartment community located in Lake Jackson, Texas, a highly livable suburb of Houston.

Senior Managing Directors Chris Curry and Todd Marix, Managing Director Jeffrey Skipworth, Managing Directors Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston, along with Director Adam Sumrall, Senior Managing Director Kelly Witherspoon, Senior Directors Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Redwood Capital Group out of Chicago, IL. A New York-based buyer acquired the property for an undisclosed price.

“Edgewater is consistently one of the top-performing multifamily assets in Lake Jackson with limited competition. The regional economy is anchored by a healthy and expanding petrochemical industry and will drive new housing demand and strong fundamentals,” said Curry. “Edgewater will continue to perform well and drive cash flow for the new owner."  

Completed in 2005 and located at 514 That Way St., Edgewater consists of 19 two-story residential buildings and one one-story clubhouse on a 12-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 742 square feet to 1,319 square feet. Individual units feature built-in desks and bookshelves, garden-style bathtubs, expansive walk-in closets and private patios and balconies.

Community amenities include beautifully landscaped social areas, a pool, an elegant clubhouse with a business center, picnic arbor with gas grills, an enclosed pet park with agility equipment and a fully equipped 24-hour fitness center. Reserved parking, detached garages and storage units are available.

Edgewater is located approximately 45 minutes south of Houston in Lake Jackson in Brazoria County, consistently ranked one of the best places to live in Texas, and within a short drive to two of the major petrochemical companies, Dow Chemical and BASF. Other major employers nearby include Olin, Wood, Brazos Mall and St. Luke’s Health- Brazosport Hospital.

Brick & Timber and Argosy purchased the boutique office/retail property, designed by Arquitectonica, for $62 million


Berkadia announces it has secured a $36.18 million loan for the acquisition of Cube WYNWD, a boutique Class-A building in Miami’s Wynwood neighborhood. Managing Director Scott Wadler of Berkadia Miami secured the financing on behalf of the joint venture between Brick & Timber, a San Francisco-based developer and real estate asset manager, and Argosy Capital Partners, an investment advisory firm based in Philadelphia, PA.

This is the second time in 20 months the property has traded and been capitalized by Berkadia. The Berkadia team also lined up $27.5 million in senior and mezzanine financing when Tricera Capital and LNDMARK acquired the property in April of 2021.


Since the original acquisition, Tricera and LNDMRK leased up the entire building including major tenants such as Schonfeld Strategic Advisors and Shaolin Capital.


JP Morgan provided the balance sheet $36.2 million five-year fixed-rate loan with full term interest only.


“The Wynwood submarket has evolved into an established, dynamic submarket with rents more than doubling in the last 5 years. It has been exciting to play a small part of the transformation of Wynwood and watch it grow from an industrial pocket to a thriving neighborhood with true live-work-play offerings and tenant diversification,” said Wadler.


Located at 230 Northwest 24th Street and completed in 2019, Cube WYND was designed by Arquitectonica, and it is the first-ever boutique office-over-retail building in Wynwood, with 10,000 square feet of retail space and 90,000 square feet of office space. It is steps away from art galleries, restaurants, breweries and retail shops and centrally located to all of Miami's best submarkets including Downtown Miami, Edgewater, the Miami Design District and Miami Beach. 


Public officials and members of the building, design and financing team, celebrated the launch of the 237-unit community in the heart of Allapattah

Neology Development, led by Lissette Calderon, announces it has begun construction on its third, lifestyle-driven residential community in Miami’s Allapattah neighborhood. The $70 million “Fourteen Allapattah Residences” will deliver 237 apartments, along with 5,000 square feet of ground-floor retail, to one of Miami’s most dynamic emerging neighborhoods. 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, within a federally designated Opportunity Zone.

The ceremony included remarks from public officials, including Miami-Dade County Mayor Daniella Levine Cava, Robert Behar of Behar Font Architects, Abel Ramirez of Jaxi Builders, Jared Mintz of AOZA Fund, Jeff Rosenfeld from Churchill Real Estate and Ralph Calderon of Neology Development.

“Allapattah continues to be a place that welcomes people from all walks of life and economic backgrounds, and we are honored that it has embraced Neology as well,” said Calderon. “We owe a big thank you to Mayor Daniella Levine Cava, Commissioner Alex Diaz de la Portilla and Commissioner Keon Hardemon, and their wonderful teams; to Churchill Capital for backing our vision with financing; and to the brilliant building and design team that has helped us achieve unprecedented quality over many years. Lastly, a big thank you to my partners, my former Wharton Professor and mentor Peter Linneman, along with his team of Jared Mintz and Kelley Brasfield of AOZA Fund

Neology, founded by Calderon 20 years ago with the launch of her first condo project on Miami River, now has a 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.

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 from 450 to 1,000 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy-efficient kitchen appliances, in-unit washers and dryers, energy-efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include curated original artwork, a multipurpose lobby, media lounges, living rooms, a rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, an 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 contractor for Fourteen Allapattah Residences is JAXI Builders, Inc.; the architect is Behar Font Architects; the interior design is by designBAR; and Witkin Hultz Design is the landscape architect and GT Law provided legal counsel. Bilzin Sumberg Law’s Suzanne Amaducci-Adams and Manny Gonzalez led the transaction on behalf of the borrower.

Page 1 of 14