West End on Eldridge sold to Westmount Realty Capital 

Berkadia announces it has arranged the sale of West End on Eldridge, a 192-unit apartment community located in Houston’s Energy Corridor submarket. Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Joey Rippel, Chris Young and Jeffrey Skipworth, and Director Kyle Whitney of Berkadia Houston represented the seller, Duck Pond Realty Management, a multifamily owner and developer based in Melville, New York. Westmount Realty Capital, a real estate developer based in Dallas, Texas acquired the property.

This transaction marks this team’s first closing under the Berkadia banner since they joined the firm’s investment sales platform earlier this year. 

“The buyer acquired West End on Eldridge at a very attractive basis relative to replacement cost,” said Curry. “Houston is one of the few markets where this is still possible today.”

“The property benefited from a robust Houston spring and summer leasing season and demonstrated impressive growth on lease trade outs throughout the disposition,” added Marix. “In a rapidly rebounding Energy Corridor submarket with limited new supply going forward, West End has considerable value-add potential and is positioned for growth.”

Located at 2255 Eldridge Parkway, West End on Eldridge was built in 1998 and renovated in 2009. The apartment community offers one- and two-bedroom apartments ranging from 708 square feet to 1,148 square feet. Units feature wood-burning fire places, washer and dryers, wood-style flooring, large kitchen pantries, spacious walk-in closets, stainless steel appliances and private patios or balconies. Community amenities include outdoor grilling and a lounge area, a resort-style pool with a sun deck, covered parking spaces, a 24-hour fitness studio and a yoga studio.

The property is situated in the heart of Houston’s Energy Corridor, approximately 40 minutes from both downtown Houston and George Bush Intercontinental Airport, with easy access to I-10 and the Westpark Tollway.

Berkadia announces it has secured a $51 million loan to refinance a 670,890-square-foot office/flex portfolio in Cummings Research Park in Huntsville, Alabama – the second-largest research park in the United States. The three-property portfolio consists of Perimeter Center (two mid-rise office buildings); Progress Center (five single-story office/flex buildings); and 110 Wynn (two single-story office/flex buildings). The portfolio, which sits approximately six miles from downtown Huntsville, is 91 percent leased.

Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured financing on behalf of the owner, Triangle Capital Group, a private real estate firm with over $1 billion of assets in 16 states.  The lender, Blue Vista Finance, provided a seven-year, fixed-rate loan, with 5 years interest only, and a 30-year amortization thereafter.

“The quality of the sponsor, combined with Huntsville’s strong aerospace, defense, and technology sector, made this a compelling opportunity for the lender,” said Foschini.

Located at 1500 and 1525 Perimeter Parkway, Perimeter Center comprises two mid-rise buildings built in 1987 and 1989 totaling 234,146 square feet. The property is 87 percent occupied by 41 tenants. Located at 6767 Old Madison Pike NW, Progress Center consists of five buildings totaling 221,259 square feet, built in 1985, 1989 and 1992. The property is 86 percent occupied with 34 tenants. 110 Wynn, formerly known as the DRS Building, was built in 1967 and later renovated in 2003 and 2021. It consists of two buildings totaling 215,485 square feet, and is 100 percent occupied by one tenant.

Cummings Research Park is one of the leading science and technology parks internationally, with Fortune 500 companies, local and international tech companies, U.S. Space and defense agencies, start-ups and higher education institutions. It is home to nearly 300 companies, 26,000 employees and 13,500 students. Anchor tenants in the Park include Teledyne Brown Engineering, UAH, Lockheed Martin, Redstone Federal Credit Union, and Calhoun Community College. The property is located approximately 10 minutes from both downtown Huntsville and the Huntsville International Airport, and enjoys close proximity to both I-565 & I-72.

Known as “Rocket City,” Huntsville is on track to become Alabama’s largest city by 2024, and is home to the Marshall Space Flight Center, the United States Army’s Redstone Arsenal, as well as numerous new firms including Polaris Inc., Blue Origin LLC, Mazda / Toyota Manufacturing, and Aerojet Rocketdyne.


Blue Magma Residential acquired the property from CapReit


Berkadia announces it has arranged the sale and financing of a 1,002-unit apartment community in Memphis, Tennessee. Senior Director Patrick Jordan of Berkadia’s Memphis office represented the seller, CapReit, a leading multifamily real estate company with offices in suburban Washington D.C. and Center City Philadelphia. Blue Magma Residential, a Tampa-based real estate firm with $1 billion in assets under management, acquired the property for an undisclosed price.

Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured acquisition financing on behalf of Blue Magma. Arbor Realty Trust originated the $82 million bridge loan. The non-recourse, floating-rate three-year interest-only loan includes two one-year extension options.

“Blue Magma dipped their toes in the Memphis multifamily arena a few years ago, but has just made a considerable splash with the acquisition of the 1,002-unit Waterview Apartment Homes,” said Jordan. “This community offers multi-tiered opportunities for value creation through both interior and exterior improvements. Blue Magma offers a signature style that pairs well with a resilient Memphis market experiencing tremendous growth.”

Added Foschini, “The borrower has a long history in the market with a proven track record in the successful repositioning of workforce housing communities. In a competitive market, the lender who has worked with them before provided terms that were class-leading to win the transaction.”

Located at 6860 Quince Road, Waterview Apartment Homes was built in 1985 and offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings, ceiling fans, and in some units, washer/dryer, wood-burning fireplaces, and built-in bookshelves. The pet-friendly community amenities include 22 acres of lakes with water features, lighted tennis courts, a fitness center, indoor and outdoor resort-style pools and spas, and a sundeck and lounge area.  The community is conveniently located in Southeast Memphis, close to I-240 and Bethel University and approximately 25 minutes from the downtown.


Berkadia announces it has arranged $37 million in refinancing for The Enclave at Delray Beach, a 224-unit garden style apartment community in Delray Beach, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the financing on behalf of MSP Enterprises.


John Hancock, a life correspondent company, originated the 10-year, fixed rate full term interest loan with a 67% LTC.


“South Florida’s multifamily market continues to strengthen with continued in-migration and a relatively low cost of living,” said Foschini. “With low interest rates and a rallying workforce that will further support demand, the property’s dynamics and market fundamentals made it a solid investment opportunity for the borrower to retain in its portfolio. While always a formidable choice, not every transaction is best suited to an agency execution.  By running a full and exclusive process, we were able to generate multiple options for this borrower and fully exploit movements in the market to their benefit. Working collaboratively, we were able to secure a quote from our correspondent life company that not only allowed us to lock rate at application, but at an ideal time in the market resulting in an outsized benefit in rate and interest only over every other interested lender.”


Built in 2000, The Enclave at Delray Beach is located at 14768 Enclave Lakes Dr. One, two- and three-bedroom units include mosaic tile backsplashes, large walk-in closets and a private balcony/patio. Community amenities feature a tennis court, an executive business center, two community lakes and gated entry.


The property is conveniently situated near multiple thoroughfares and recreational amenities. Interstate 95 is under 10 minutes away, with the Delaire Country Club, Morikami Museum and Japanese Gardens and Bocaire Country Club about 10 minutes away from the community. 

Berkadia announces it has arranged $38.25 million in construction financing for the first phase of Lakeland Central Park, a future planned 740-acre industrial park with 5 million rentable square feet in the growing logistics market of Lakeland, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami, along with Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Orlando, secured the loan on behalf of a JV between Parkway Properties, Silverpeak Real Estate Partners and Nuveen.


The financing for the initial phase will encompass the construction of 700,000 rentable square feet of logistics warehouse space, as well as the infrastructure costs for up to 2 million rentable square feet. Wells Fargo originated the 3-year, floating rate loan with full term IO and a 63% LTC.


“Polk County is becoming a pivotal point in Florida’s economy, supporting statewide population growth as a logistics hub ideally located within proximity to each of the four metros,” said Foschini. “Given the developer’s foresight and identifying the market’s labor pool and trajectory, Lakeland Central Park is uniquely positioned to serve one of the fastest growing states in the country with class A amenities that further support the city’s status as a distribution point for Florida.”


“The competitive advantage to this park is scale and flexibility to meet increasing tenant demand,” added Weinberg. “The developer has designed a variety of buildings from 150,000 SF to nearly 1.7 Million SF, so they can be dynamic in accommodating tenants of virtually any size and shape.”  


With construction underway, Lakeland Central Park is located at the boundary of Old Tampa Hwy, Polk Hwy, and County Rd 572. The 5 million rentable-square-foot park will also feature a variety of entitlements and contiguous sites that offer flexibility for a range of uses and development including office space, retail, hospitality and multifamily.


Enjoying strong fundamentals that buttress the industrial sector, Lakeland’s advantageous location puts it at only a 30-minute drive from Tampa, a one-hour drive from Orlando, and just under four hours from Miami and Jacksonville, offering direct access with convenient highways to a majority of the state’s 21.7 million residents. The city’s confluence of e-commerce, phosphate, cattle, citrus and the railroad industries, along with the corporate presence of Publix, secure its standing as Florida’s premier center for resilient jobs in the area of logistics.

In its first South Florida acquisition, ROI Capital acquired Green Tree Apartments for $58.5 million  

Berkadia announces it has arranged the sale and financing of Green Tree Apartments, a value-add apartment community with 296 units located in Fort Lauderdale, Fla. The property traded for $58.5 million, representing $197,635 per unit.

Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Director Yoav Yuhjtman, Associate Omar Morales, and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of the seller, Northland, an industry-leading private equity firm based in Newtown, Mass. that owns and operates 8,671 units across Florida. The company acquired Green Tree in 1994 for $12.6 million.

Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, and Managing Director Brad Williamson, of Berkadia Miami, arranged financing for the buyer, ROI Capital Group, a private real estate firm based in Israel. Berkadia secured a $47 million loan through ACRES, a nationwide lender based in Westbury, New York. The three-year bridge loan includes two one-year options.

“Green Tree Apartments represented a rare opportunity to acquire a well-maintained, value-add asset in a suburban infill location where there is still the potential to capture rent premiums by renovating a majority of the units,” said Turkell. “The property also benefits from being located adjacent to a Publix-anchored shopping center and fronting North Dixie Highway.”

Added Williamson, “ROI Capital Group owns a significant portfolio, but this marked the company’s first multifamily property acquisition in South Florida. We were able to secure the most attractive bridge financing terms in the marketplace due to the sponsor’s excellent track record and experience renovating properties throughout the Southeast and Texas.”

Built in 1974 and located at 5201 N. Dixie Highway, Green Tree apartments includes one- and two-bedroom apartments averaging 825 square feet. Apartments include vinyl flooring, screened-in balconies, fully electric kitchens, and walk-in closets on half of the units. Shared community amenities include a fitness center, two swimming pools, grilling stations, an updated clubhouse and laundry rooms.

Green Tree is located one mile east of I-95 off of Commercial Boulevard and two miles west of the oceanfront community Lauderdale-by-the-Sea. It is approximately 15 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport, five minutes from the Cypress Creek office market, and 35 minutes from downtown Miami.

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