Berkadia Arranges $38.25 Million Construction Loan for Phase I of a 5 Million-square-foot Logistics Center in Lakeland, Florida
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.
BOSTON (February 1, 2021) – Berkadia announces it has secured financing for the recapitalization of a multifamily portfolio consisting of 11 individual properties totaling 89 units located throughout the Boston metropolitan area. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office, and Associate Director Wesley Moczul of Berkadia’s Orlando office, secured a $17.5 million loan via Fannie Mae on behalf the sponsor, BT Holland Real Estate.
The 12-year, fixed-rate loan has a 75 percent LTV ratio.
”This is an assemblage of smaller properties in up-and-coming neighborhoods in the greater Boston metro area that are benefiting from strong rent growth dynamics,” said Robbins. “By compiling these properties into one portfolio the sponsor was able to obtain a cross-collateralized loan with more favorable terms and economics.”
The multifamily properties in the portfolio include:
· 28 Dyer St, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 30 Browning Ave, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 31 Browning Ave, Dorchester, MA 02124 (6 Units, 1900 Vintage)
· 35 Browning Ave, Dorchester, MA 02124 (6 Units, 1920 Vintage)
· 38 Stanton St, Dorchester, MA 02124 (6 Units, 1910 Vintage)
· 54 Fuller St, Dorchester, MA 02124 (6 Units, 1988 Vintage)
· 5 Orlando St, Mattapan, MA 02126 (11 Units, 1965 Vintage)
· 14 Orlando St, Mattapan, MA 02126 (6 Units, 1965 Vintage)
· 14-16-18 Msgr Patrick J Lydon Way, Dorchester, MA, 02124 (15 Units, 1910 Vintage)
· 140 Wellington Hill, Mattapan, MA, 02126 (16 Units, 1965 Vintage)
· 17 Greenwich Park, Boston, MA, 02118 (5 Units, 1910 Vintage)
Miami investor adds Beach Club to rapidly growing portfolio of prime multifamily properties
MIAMI AND TAMPA, FL (Nov. 10, 2020) – Commercial real estate firm Beacon Real Estate Group closed another significant multifamily acquisition with its purchase of the Beach Club apartment community in northwest Tampa, Florida. Since the beginning of August, Miami-based Beacon has closed or put under contract over $250 million of multifamily investments in the Southeastern U.S.
The off-market Beach Club transaction closed on Nov. 6. Beacon obtained acquisition financing from Berkadia/Freddie Mac.
Completed in 1979, the 200-unit Beach Club is a compelling value-add opportunity for Beacon near Westshore Business District. Residents benefit from the community’s easy access to I-275, the Tampa International Airport, Lowry Park Zoo and various shopping and dining venues.
Community amenities include a swimming pool, outdoor kitchen, fitness center, private dock and business center with complimentary Wi-Fi. Beach Club is pet-friendly with a dog park and walking paths.
“We are thrilled to add Beach Club to our robust portfolio of multifamily assets in the Southeast U.S.,” Beacon Managing Partner Richard Kulick said. “Our team will implement an extensive capital improvements program to upgrade the community.”
Berkadia arranged the property transaction and financing.
Beacon continues to aggressively pursue multifamily acquisitions in Florida and Georgia.
“Our investment strategy revolves around following where the jobs are going,” Beacon Managing Partner Carlos E. Imery said. “The Tampa area has benefitted from substantial job creation in technology, finance and healthcare.”
Beacon owns more than 6,500 multifamily units in the Southeast U.S., with a strong focus on secondary markets. The company’s portfolio also includes over 1 million square feet of office and retail properties in the region.
About Beacon Real Estate Group
Based in Coral Gables, Florida, Beacon Real Estate Group is a commercial real estate firm that specializes in the acquisition and management of multifamily, office and retail properties in the Southeastern quadrant of the U.S. Beacon is led by real estate veterans Richard Kulick and Carlos Imery. The firm and its affiliates were founded in 1967 and have more than 50 years of continues experience. Beacon currently controls over 10 million square feet of U.S. commercial real estate.
For more information about Beacon, visit www.bcnreg.com.
The 370-unit Reserve at Gwinnett in Norcross was acquired earlier this year through Benefit Street Partners’ purchase of Broadtree Residential, Inc.
Norcross, GA – Berkadia announces it has secured a $37.7 million loan for the refinance of The Reserve at Gwinnett, a 370-unit Class A multifamily community located in Norcross, Georgia. Senior Director Corby Chaffin of Berkadia’s Houston office and Managing Director Michael Weinberg of Berkadia’s Orlando office arranged the financing on behalf Broadtree Residential, Inc.
Freddie Mac provided a 10-year, fixed-rate loan at a 65% loan to value.
Broadtree Residential, Inc. is an open-ended, continuously offered, multifamily fund utilizing a REIT structure designed to offer accredited investors access to multifamily real estate via investment in an institutionally managed private fund. Broadtree Residential, Inc. is managed by Benefit Street Partners L.L.C. a leading credit focused alternative asset management firm with $28 billion in assets under management as of June 30, 2020.
“We are pleased to have a symbiotic relationship with the sponsor on many levels,” commented Weinberg. “Agency financing is so attractive right now that multifamily borrowers are getting great options. Freddie Mac was able to provide incredible terms with a rate sub 3%, fixed for 10 years with significant interest only.”
Michael Comparato, Head of Commercial Real Estate at Benefit Street Partners, commented, “We have a long-standing relationship with Berkadia and are thrilled with their performance and execution on this transaction. This is an excellent refinance for the REIT and its shareholders, locking in long-term, fixed rates at some of the lowest yields in the history of our industry.”
Built in 1999, The Reserve at Gwinnett consists of 14 residential buildings containing one-, two- and three-bedroom units ranging in size from 959 square feet to 1,555 square feet. All units feature open floorplans, walk-in closets, and a patio or balcony. The property also includes 12 attached and 18 detached garages, along with ample surface parking for residents. The community offers numerous attractive amenities, including a modern fitness center, clubhouse and business center, resort-style swimming pool, grilling area, dog park, and lighted tennis courts.
The Reserve at Gwinnett is conveniently located just off I-85, 10 minutes from Gwinnett Village and downtown Norcross, and 30 minutes from Atlanta, Georgia.
The 218-unit AMLI Flagler Village was acquired with a $43.25 million loan from Freddie Mac
Fort Lauderdale, Fla. – Berkadia secured financing for Jenco Properties to acquire AMLI Flagler Village, a condo-quality, mid-rise multifamily property consisting of 218 loft-style apartments and 7,200 square feet of ground-floor office space in the Flagler Village neighborhood of Fort Lauderdale, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami-based Mortgage Banking team secured $43.25 million in financing for Jenco. The property will be renamed Aviah Flagler Village.
Berkadia originated, and Freddie Mac purchased, the 10-year, fixed-rate loan with full-term interest only.
“This loan continues the unique relationship that Berkadia and Freddie Mac shares with its borrowers,” said Foschini. We were able to place a loan with an extremely aggressive interest-only rate for the client which secures continuation of cash flow for years to come. While every transaction has its challenges, the pressure was immense in this one as it required first finding a replacement asset for the family at a time when many assets have been pulled from the market, and secondly, ensuring the loan came together in a way that allowed the acquisition and protected the investment. The Freddie Mac loan achieved all of those goals.”
Located at 440 NE 4th Avenue, AMLI Flagler Village was built in 2009 and is a condo-quality asset uniquely featuring loft-style units averaging 1,047 square feet (among the largest in this submarket), first floor private yards, and captivating community amenities. One-, two- and three-bedroom units range in size from 675 to 1,355 square feet. Amenities include a resort-style swimming pool with sundeck, a two-story, 24-hour fitness center with strength and cardio training zones; a Yoga, spinning, and aerobic studio; a cyber lounge and private dog park and paw wash; and a 24/7 controlled access Luxer One package room. The former owner completed $1.3 million in capital improvement projects around the property since 2017.
The property is ideally located in Flagler Village, an emerging arts neighborhood in Fort Lauderdale’s downtown that is home to dozens of eateries, markets, boutiques and galleries, most unique to this area. With a 93 Walk Score, the property has access to rapidly expanding nearby amenities and the most active employment market in Broward County. The property is just blocks away from Fort Lauderdale’s Brightline train Station, offering direct service to Miami and West Palm Beach now, and eventually Orlando and Tampa.