Bayshore Investment Partners acquired Avenue at Creekbridge for $22 million and Westwood at 60 for $18 million

Berkadia announces it has secured $28.35 million in combined financing for the acquisition of two multifamily communities in Brandon, Florida. Bayshore Investment Partners, a Miami-based private equity firm, acquired Avenue at Creekbridge, a 112-unit apartment community for $22.45 million that was rebranded to Creekbridge Crossing Apartments and Westwood at 60, an 88-unit apartment community for $18.05 million that was rebranded to Westwood Crossing Apartments.

Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Brad Williamson of Berkadia Miami secured a $15.71 million loan for Avenue at Creekbridge and $12.63 million for Westwood at 60.

Freddie Mac originated both loans, which are seven-year full term interest-only loans with a competitive fixed interest rate.

“Berkadia was successful in obtaining a very attractive interest only financing for these acquisitions to help our client maximize overall cash-on-cash returns,” said Williamson.

Located at 1002 Creekbridge Road, Avenue at Creekbridge was built in 1987 and offers two- and three-bedroom apartments ranging from 950 square feet to 1,175 square feet. Individual units feature vaulted ceilings, wood-plank vinyl flooring, stainless steel appliances, large living rooms, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a 24-hour fitness center, Bark Park, swimming pool, business center, poolside grilling areas, a tennis court and a private fishing dock.

Located at 1212 Andrew Drive, Westwood at 60 was built in 1986 and offers one-, two-, and three-bedroom apartments ranging from 1,120 square feet to 1,855 square feet. Individual units feature vaulted ceilings, wood plank vinyl flooring, large living rooms, stainless steel appliances, brushed nickel finishes, gooseneck faucets, carpeted bedrooms, walk-in closets, stand-up showers and lake or pool views. Community amenities include a 24-hour fitness center, swimming pool, grilling area, a business center, package services, mobile account management and rent payments, and Amazon Hub lockers.

The properties are located in Southeast Tampa in Hillsborough County, near the McKay Bay Nature Park, Brandon Mall, Southwest Florida College and less than a half hour away from the Tampa International Airport.

Bayshore Investment Partners, LLC ("BIP") is a real estate investment and management firm that was formed in 2010 to acquire and operate multifamily and commercial properties. Today, BIP acquires apartments, retail centers, and industrial flex assets. BIP has acquired fifteen apartment communities with over 2,000 units since inception and currently operates four “Crossing”-branded communities within the Tampa metro area. The acquisition of Westwood and Creekbridge represents the first two assets acquired by BIP’s first fund, BIP Multifamily Fund I, LP (the “Fund”). Through both the Fund and separate account clients, BIP seeks to acquire 100–250-unit apartment communities, 1980’s or newer in Florida, Atlanta, Charlotte and Raleigh. For more information, please visit www.bayshoreinv.com

Berkadia announces it has arranged $78.19 million in construction financing for The Julia Residences (formerly No.16 Residences), a 323-unit attainable luxury mid-rise apartment community in the Fruit Packing district of Allapattah, in Miami, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by developer Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.

Trez Capital originated the 36-month loan, with a one 12-month extension option and full-term interest only.

“Lissette continues to define the market in attainable high-quality living in Miami’s urban core,” said Foschini. “Her team’s approach to value and proven track record in development allowed for an extremely competitive market for the loan. Ultimately, the lender who won the transaction shared Neology’s vision and saw tremendous opportunity in this project.”

This is Neology’s second residential development in Allapattah, which borders Wynwood and the Health District. Berkadia secured the original construction loan in 2019 for the developer’s first Allapattah project – the 192-unit No.17 Residences Allapattah – and secured a $31 million bridge loan for the community’s recapitalization earlier this year, shortly after it opened. Berkadia also secured financing in 2018 for Neology’s acquisition of Pier 19 Residences & Marina along the Miami River, and again, helped refinance that project in 2021 with a $52 million loan.

Located at 1625 NW 20^th Street, The Julia Residences will be a 14-story upscale residential tower offering one- and two-bedroom apartments ranging from 600 to 1,000 square feet. Individual units will offer energy-efficient stainless-steel appliances, quartz countertops, European-inspired cabinetry, in-home washer and dryers, expansive views, and balconies. Community amenities will include a ninth-floor Sky Lounge with a resort-style pool deck, clubroom, wellness center and 15,000 square feet of street-level retail space.

The Julia is centrally located just a few blocks from the Civic Center Metrorail Station, the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center. The property is just a short car or public transit ride away from both Brickell and Downtown, home to several large employers and dining and shopping destinations, along with popular attractions such as Marlins Park, American Airlines Arena, the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami and Frost Museum of Science, and the new Brightline commuter rail station connecting Miami to Fort Lauderdale, West Palm Beach, and eventually Orlando.   

The “The Julia,” a $100 million, 14-story residential tower named for real estate pioneer and “Mother of Miami” Julia Tuttle, will deliver 323 apartments, offering “attainable luxury” to Miami’s growing urban population

Neology Life Development Group, led by Lissette Calderon, announces that it has begun construction on its second, lifestyle-driven residential community in Miami’s historic Allapattah neighborhood. 

Now under construction, “The Julia” (formerly No. 16 Residences) is a $100 million, 14-story residential tower that will deliver 323 upscale one- and two- bedroom apartments to one of the city’s most historic and vibrant neighborhoods.

Located at 1625 NW 20^th Street, The Julia is situated just a few blocks from Neology’s first Allapattah apartment development, No. 17 Residences, which opened in May of 2021 and leased up in record time. Allapattah, which includes Miami’s Health District and borders Wynwood, has quickly become one of Miami’s most sought-after urban territories, boasting a cluster of new cultural institutions (including the Rubell Museum and Superblue) as well as many new small businesses, restaurants and nightlife establishments.

“The Julia will offer a curated, one-of-a-kind modern residential living experience with cutting-edge amenities that will appeal to a diverse cross-section of today’s urban renters,” said Lissette Calderon, President and CEO of Neology Life Development Group. “The building has been thoughtfully designed, inside and out, to reflect the area’s unique history and character, and we hope as a result it will become a beloved and integral piece of the community’s fabric for many years to come.”

“This is an exciting milestone for Allapattah,” added Miami City Commissioner Alex Diaz de la Portilla. “High-quality housing options are key to our community’s success and projects like The Julia provide that. Moreover, Lissette Calderon and her team at Neology are experienced in building authentic, vibrant communities, and have a deep appreciation for Allapattah’s history, culture and mom-and-pop businesses. They will be valued, long-term partners in helping us achieve measured growth that benefits and inspires all Miamians.”

Calderon added, “Over 20 years ago, I started on this journey to deliver quality lifestyle-driven attainable luxury living to Miamians who were being priced out, and to help some of Miami’s most overlooked neighborhoods realize their full potential. I’ve had the honor of watching this transformation unfold in the Miami River District, where we started, and we see the same potential in Allapattah, one of Miami’s last remaining authentic urban neighborhoods. We chose to name our second Allapattah development after Miami’s founding mother, Julia Tuttle, who is a personal hero of mine – and because we hope it stands as a beacon to every young woman with big dreams. With hard work, grit and sacrifice, they can achieve anything.”

Inspired by Miami’s original real estate visionary, American businesswoman Julia Tuttle, The Julia will embrace a “tropics-meets-metropolis” aesthetic combining elements of Art Deco with 1950s-style glam.  Interior common areas will feature neoclassical elements such as brass accents, wood details and colorful mosaics alongside bright, botanical patterned wallcoverings and other fun, punchy colorful elements for a mood that is romantic, sophisticated and timeless.

The property will offer a mix of  one- apartments and  two-bedroom apartments ranging from 600 to 1,00 square feet.  Unit interiors will feature energy efficient, stainless-steel appliances, quartz countertops, European-inspired cabinetry, in-home washer and dryers, expansive views, and balconies in all units.. Amenities at The Julia will include a ninth-floor Sky Lounge with resort-style pool deck, clubroom, and wellness center, and 15,000 square feet of street-level retail space.

The Julia is centrally located just a few blocks from the Civic Center Metrorail Station, the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center.  The property is just a short car or public transit ride away from both Brickell and Downtown, home to several large employers and dining and shopping destinations, along with popular attractions such as Marlins Park, American Airlines Arena, the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami and Frost Museum of Science, and the new Brightline commuter rail station connecting Miami to Fort Lauderdale, West Palm Beach, and eventually Orlando.   

Neology intends to break ground on a third Allapattah residential community in the coming months, bringing its portfolio up to 1,200 apartments throughout Miami.

The general contractor for The Julia is JAXI Builders, Inc.; the architect is Behar Font Architects; interior design is by designBAR; and Witkin Hultz Design is the landscape architect. Berkadia arranged construction financing for The Julia; Trez Capital originated a $78.19 million loan.  Bilzin Sumberg and GT Law provided legal counsel.

Berkadia announces it has arranged the $42 million recapitalization of Alora at West Palm Beach, a 270-unit luxury apartment community in the heart of West Palm Beach, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of the ownership, AHC of West Palm Beach, LLC.

NW Mutual provided the seven-year, fixed-rate loan, with full term interest only and a loan-to-cost of 81 percent.

“Our client builds some of the highest quality multifamily in the marketplace, and that did not go unnoticed to a competitive field of lenders,” said Foschini. “In the end, a life company stepped up and provided terms that were class leading in spread, dollars, interest only and rate.”

Located at 4894 Alora Isles Drive, Alora at West Palm Beach was built in 2020 and offers one-, two- and three-bedroom apartment homes ranging from 818 square feet to 1,355 square feet. Individual units feature gourmet kitchens, granite countertops, stainless steel appliances, insulated impact windows, wood-inspired plank flooring, large walk-in closets, 9’ 6” ceilings and a private screened-in patio or balcony. Building amenities include a 24-hour fitness center, a cyber café and lounge, a heated resort-like pool, an outdoor grilling lounge, a bark park and private yoga studio.

The property is situated west of I-95 in Palm Beach County, in proximity to Holiday Park Plaza, Village Marketplace and the Mounts Botanical Garden. It is approximately 10 minutes away from the Palm Beach International Airport and downtown West Palm Beach.

Berkadia announces it has secured financing for July Residential’s acquisition of a 1,275-unit multifamily portfolio of communities located in Houston, Tex. The five assets in the property, all built between roughly 1976 and 1983, are located in the Westwood and Braeswood/Fondren submarkets of Southwest Houston.

Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia Boca Raton secured the financing on behalf of July Residential.

July Residential, a New York-based investment firm, co-founded by Avihai Daniell and Isaac Pinto, specializes in the development, acquisition and operation of superior multifamily opportunities in the most desirable markets in the U.S. The company’s portfolio currently includes garden-style, mid-rise and mixed-use/new build multifamily projects throughout the U.S. Since the Covid-19 pandemic, July has acquired well over 1,500 units, and are continuing to pursue opportunities throughout the Sunbelt and Mid-Atlantic in the multifamily sector. 

Voya Investment Management originated the four-year loan with one 12-month extension at an LTV of 75 percent, with 100 percent future funding for CapEx. 

“These well-positioned assets in Houston submarkets that offer quick access to major employment centers presented the buyer with an excellent opportunity to implement a full-scale, value-add program,” said Sinberg. “The lack of supply and consistent rent growth, particularly for Class B assets like these, in these submarkets provides a strong foundation for these properties moving forward.”

The properties in the portfolio are:

Airport Crossing – A two-story garden-style residential property with 178 units in 11 buildings. Built in 1983, and located at 8300 West Airport, the property offers one- and two-bedroom apartments ranging from 550 square feet to 1,010 square feet. Individual units feature large walk-in closets, a washer and dryer, built-in bookshelves, a fireplace, dishwasher, disposal, private patios, storage units, high-speed internet and assigned parking spaces. Community amenities include gated access, two swimming pools, two laundry facilities and a courtesy patrol.

The Townhomes – Built in 1981, and located at 8030 West Airport, the property has 16 two-story townhome residential buildings with 73 units in total. It offers one- and two-bedroom apartments ranging from 686 square feet to 1,010 square feet. Individual units feature vaulted ceilings, walk-in closets, a fireplace, dishwasher, disposal, washer and dryer connections, high-speed internet and patios/balconies. Community amenities include gated access, a pool and tennis court.

Terrace at West Sam Houston – This is a 428-unit, two-story, garden-style asset consisting of 29 buildings. Built in 1979, it is located at 9475 West Sam Houston Parkway and offers one- and two-bedroom apartments ranging from 450 square feet to 1,000 square feet. Individual units feature walk-in closets, washer and dryer connections, a fireplace, dishwasher, disposal, built-in bookshelves, high-speed internet, patios/balconies and storage units. Community amenities include gated access, two swimming pools, three laundry facilities, and courtesy patrols.

Casa Grande – A 268-unit, two-story garden-style property with 18 buildings, Casa Grande was built in 1979 and is located at 9445 Concourse and offers one- and two-bedroom apartments ranging from 450 square feet to 981 square feet. Individual units feature walk-in closets, high-speed internet, a fireplace, dishwasher, disposal, washer and dryer connections, built-in bookshelves, storage units and patios/balconies. Community amenities include gated access, a pool, two laundry facilities, a courtyard, picnic area and courtesy patrol.

Plaza at Hobby Airport – Built in 1976, Plaza at Hobby Airport is located at 8501 Broadway and consists of 328 units in 22 two-story garden-style buildings. It offers one- and two-bedroom apartments ranging from 565 square feet to 964 square feet. Individual units are cable ready and feature ceiling fans, a dishwasher, air conditioning and reserved parking. Community amenities include a pool, playground and laundry facilities. 

The properties are near major employers in the Westchase Business District, the Memorial District, The Energy Corridor, Uptown Galleria, the Texas Medical Center, the Port of Houston, and Houston Hobby Airport. As well as minutes away from retail shopping centers: The Fountains on the Lake, PlazAmericas, Chinatown, the First Colony Mall and the International District at Beechnut/Beltway.

Berkadia announces it has secured a programmatic capital partner to help Capstone Communities execute its plan to continue developing a pipeline of build-for-rent (BFR) communities across the country.

Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital set up the programmatic partner – a publicly traded REIT – as the capital partner for Capstone’s robust pipeline of BFR communities. Berkadia sourced a total of $37 million of equity for the first two projects in Port St. Lucie and Myrtle Beach, which both broke ground in late August and look to deliver their clubhouse and first units next fall.

“The BFR space is flush with institutional capital right now, but identifying the right programmatic partner for Capstone Communities was our goal as we wanted a group that would have the appetite and ability to be a reliable partner now and down the road,” said Kirkpatrick. “Both The Cottages at Port St. Lucie and The Cottages at Myrtle Beach will be top quality products in their respective markets, and Berkadia was proud to represent them on the search for a programmatic partner with these projects as the first two deals in this new marriage between the capital and developer.”

Developed with a “new urbanism” style featuring sidewalks, pocket parks and open green spaces, The Cottages will feature a mix of single-story and two-story cottages, each with its own private, fenced yard, as well as a centralized clubhouse and resort-style pool.

“Since 2007, our team has developed cottages in more than 20 student housing communities across the country and is currently under construction on four additional multifamily cottage-style communities across the southeast,” said John Acken, executive vice president of Capstone Communities. “As we continue expanding the cottages within the multifamily sector, our goal is to meet the needs of each market and build a true sense of community that is unlike a traditional apartment setting. Berkadia was instrumental in helping us secure the right partner for our cottage community program.”

Build-for-rent communities are one of the fastest growing trends in the multifamily real estate segment. Capstone and other BFR developers have demonstrated that BFR concepts generate approximately 20 to 30 percent rental rate premiums compared to traditional multifamily apartments because of their design and amenity offerings. Most BFR communities consist of single-story cottage-style homes and private yards with access to upscale apartment-like amenities.

Capstone’s in-house construction entity, CBI Construction Services, is serving as the general contractor for both projects, and Nequette Architecture & Design, in Birmingham, is the lead architect. Capstone’s in-house management company, Capstone Properties, will lease and manage each community. For more information, please visit www.berkadia.com or www.capstone-communities.com.