Berkadia announces it has secured financing for the acquisition of Opus Apartments, a 63-unit, multifamily community in Naples, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured financing on behalf of the buyer Great America Holdings, based in Miami, Fla.

Cohen & Company originated the $11.94 million, three-year, floating-rate loan with full-term interest only and two 12-month extensions. It comprises $11.25 million in initial funding and $693,000 of future funding.

“Naples is one of the most desirable cities in the country with a projected job growth of nearly 40 percent in the next 10 years,” said Foschini “Opus Apartments are located in Collier County which is popular destination for businesses and is experiencing explosive population growth, outpacing Miami-Dade County.”

Located at 5570 16^th Place, Opus Apartments offer studio, two- and three-bedroom apartment units ranging from 450 square feet to 1,600 square feet. Individual units include two parking spaces and feature spacious floorplans, fully equipped and upgraded kitchens, upgraded bathrooms, Formica and granite countertops, washer and dryer connections, large and private screened-in balconies and patios.

Located in the Golden Gate Area of Naples, Opus Apartments are located less than two miles from I-75, and it is near Physicians Regional Hospital, the Southwest Florida Regional Medical Center, Clam Pass Park, Naples Beach & Pier, and Tiburon Golf Club. There are over 6,000 businesses within a five-mile radius.

The 250-unit property, Verso Luxury Apartments sold to ECI Group

Berkadia announces it has arranged the sale of Verso Luxury Apartments, a new, 250-unit, Class AA apartment community in Davenport, Florida, strategically located in-between the greater Orlando and Tampa metropolitan areas. Managing Director Brett Moss, Associate Director Tyler Swidler and Senior Managing Director Matt Mitchell of Berkadia Orlando and Tampa marketed the property on behalf of the seller, TTI Capital, a real estate investment and private equity firm based in Reston, Va. ECI Group, a privately owned real estate organization based in Atlanta, Ga, purchased the property.

Berkadia also arranged the sale of the property last year to the seller. Following the acquisition by TTI Capital, Verso was awarded the “2021 Multifamily Deal of the Year” designation by the Tampa Bay Business Journal.

“Verso presented investors with a tremendous opportunity to acquire a premier asset with predictable cash flows in one of the Sunbelt’s most resilient, high-growth and well-performing apartment submarkets,” said Moss.

Built in 2020 and located at 6100 Echelon Way, Verso Luxury Apartments offers one-, two- and three-bedroom apartments averaging 859 square feet to 1,427 square feet. Individual units feature 9- and 10-foot ceilings, quartz countertops, stainless steel energy efficient appliances, designer cabinets, industrial glass pendant lighting, NEST thermostats, wood-style plank flooring, walk-in California closets, electronic keyless entry, USB charging ports, dual vanities and walk-in showers, full-sized washer and dryers and fenced in backyards. The gated community amenities include a clubhouse, resort-style pool with a sun shelf and private cabanas, a spa, an outdoor kitchen and grill area, fire pit, game room, fitness center, lockers, coffee bar, a pet park and spa, and valet trash services.

In addition to being ideally situated at the confluence of the award-winning master-planned communities of ChampionsGate and Reunion, Verso’s location within Polk places it within the state of Florida’s #1 county for gross net migration, with an average of 47 people per day moving to Polk County, according to recent U.S. Census data. Further, Verso benefits from being located within 30 minutes of more than 2,000 hospital beds, as well as being situated at the equidistant point between two of the fastest-growing MSA’s in the country, Orlando (#3) and Tampa (#5).

Berkadia announces it has sourced an equity partner for Capstone Communities to develop The Cottages at Greystone, its first build-for-rent (BFR) community in the Greater Birmingham area. A low-density multifamily development, The Cottages will sit on approximately 30 acres within the well-established Greystone community, just minutes off Highway 280.

Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital sourced the equity partner, a fund manager based in Texas. Berkadia has recently helped Capstone secure equity partners for similar cottage-style developments throughout the Sunbelt, including communities in Port St. Lucie, Florida; Myrtle Beach, South Carolina; and Warner Robins, Georgia.

“We are excited to once again work with the exceptional team at Capstone to help them source a like-minded equity partner for their cottage-style, build-for-rent product located in their home market of Birmingham,” said Kirkpatrick. “Because of the cultural similarities and alignment of economic interest between Capstone and their partner, The Cottages at Greystone is the first of many BFR developments the programmatic partnership plans to develop throughout the Southeast over the next few years.”

“Birmingham is not only our hometown but the centerpiece of a thriving region and state that embraces the spirit of innovation, progress and growth,” said Jim Beatty, vice president – development for Capstone Communities. “We are proud to bring our build-for-rent cottage concept, which has proved tremendously successful in other markets, closer to home and provide a premium housing option for Birmingham residents looking to rent instead of buy.”

For more than two decades, Capstone built its reputation as a national leader in the student housing industry. In 2017, Capstone expanded its portfolio beyond student housing into the multifamily sector at the forefront of the rapidly growing build-for-rent (BFR) movement. With the introduction of its cottage-style development program, Capstone has quickly become a BFR leader with seven communities currently under development across the Southeast.

Construction on The Cottages will commence May 2022, with its first units scheduled to be delivered by summer 2023 and full completion in winter 2023. Incorporating a “new urbanism” style, the 189-unit development includes sidewalks, pocket parks and open green spaces that create a true sense of place for its residents.

The Cottages is located in-between Saint Vincent’s One Nineteen Hospital and Church of the Highlands, while having convenient retail destinations, accessible recreational activities and several business parks along the Highway 280 corridor, giving residents easy access to what they need – whether it’s commuting to work, grocery shopping, gathering with friends or exercising.

Designed by Birmingham-based Nequette Architecture & Design, The Cottages will offer a mix of lofts, one and two-story cottages, as well as two-story townhomes including private outdoor yards.

Each unit will include nine-to-12-foot ceilings, wood-grain flooring, in-unit washers and dryers, 24/7 on-call maintenance and optional enclosed garage parking. Neighborhood amenities include lush courtyards with pavilions, a central clubhouse with a resort-style pool, fitness and business centers, pet washing stations and valet trash.

Berkadia announces it has arranged the sale and financing of The Dawson, a 354-unit multifamily community in the Energy Corridor, West Houston’s Central Business District. Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Jeffrey Skipworth, Chris Young and Joey Rippel, alongside Director Kyle Whitney of Berkadia Houston represented the seller, RPM Living, a multifamily property management, investment and development company based in Austin, Texas.

Managing Director Clay Akiwenzie of Berkadia Incline Village secured acquisition financing on behalf of the buyer, Bridge Partners, a private real estate investment firm based in Walnut Creek, California. Freddie Mac provided the 7-year, adjustable-rate loan.

“Bridge moved decisively and expertly in the midst of extreme volatility in the capital markets,” said Akiwenzie. “We were proud to play our part in helping to expand their footprint in the Energy Corridor.”

“The Dawson’s strategic location in the heart of the Energy Corridor creates a consistent cash flow and long-term value appreciation,” said Curry. “Demand for apartments in the metro area continues to exceed expectations.”

Built in 2014 and located at 13411 Briar Forest Drive, The Dawson offers one- and two-bedroom apartments ranging from 649 square feet to 1,552 square feet. Individual units feature wood-style flooring, granite countertops, stainless steel Whirlpool appliances, Bluetooth surround sound, walk-in closets, updated bathrooms, linen and coat closets and private patios or balconies. Community amenities include a modern clubhouse, business center, a 2-story fitness center, yoga and spin room, pool, sun deck with lounge chairs, an outdoor kitchen with gas grills, an outdoor fire pit, enclosed dog park, private parking and electric car charging stations.

Located in Houston’s Energy Corridor, The Dawson is in walking distance to the third largest employment center in the metro, highly ranked Bush Elementary School and popular Ray Miller Park.

Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.

Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.