Berkadia Adds Top Producer to Orlando Team

Michael N. Weinberg joins the firm as Managing Director

ORLANDO (September 9, 2019) – Berkadia today announced that it has hired Michael N. Weinberg as Managing Director in the Orlando office. Weinberg has 15 years of experience in the commercial real estate industry, specializing in debt and equity placement across all asset types as well as hotel investment sales. He has completed over $3 billion of transactions over the course of his career.    

Weinberg will be based in Berkadia’s Orlando office, where he will lead a top-producing team of capital markets professionals.

“Weinberg’s extensive knowledge of the Florida markets, robust relationships within the commercial real estate community, and expertise across all asset types will allow Berkadia to significantly expand its platform in Florida and provide even more exceptional service to clients,” said Hilary Provinse, Berkadia Executive Vice President and Head of Mortgage Banking.

“I’m thrilled to join the Berkadia team,” added Weinberg. “The firm’s entrepreneurial culture supports my work on both debt and equity placement as well hotel investment sales, and I know that my clients will benefit from Berkadia’s deep capital relationships through its robust servicing portfolio, GSE licenses and correspondent life company lender agreements.”

Prior to joining Berkadia, Weinberg served as the Senior Managing Director and co-head of HFF’s Orlando office. Prior to that, Weinberg was the director of real estate at RIDA Development, working on development, acquisitions and dispositions. Weinberg also previously worked at Trammell Crow Company, focusing on tenant representation and asset sales.

Weinberg has been recognized as a “Broker of the Year” in three separate categories (Investment Sales, Land Sales and Financing) by NAIOP Central Florida between 2014 and 2018, and was named Financing ‘Broker of the Year” for the last three consecutive years.  He is a Director on the University of Florida’s Real Estate Advisory Board. He holds an M.B.A. from Rollins College and a B.S. from the University of Florida.

MIAMI (September 9, 2019) – Berkadia today announced that it has hired Roberto Pesant as Senior Managing Director, Investment Sales. Pesant has 15 years of experience in the commercial real estate industry, completing over $2.5 billion in sales volume and developing over 3 million square feet of property over the course of his career. Pesant will be based in Berkadia’s Miami and Boca Raton offices.

“Roberto’s outstanding track record and approach to client service make him an excellent fit for our growing South Florida investment sales team,” said Keith Misner, Berkadia’s Head of Investment Sales. ”He brings a comprehensive understanding of the South Florida market and is highly respected by clients and peers alike as an investment advisor.”

Prior to joining Berkadia, Pesant served as Managing Director in Walker & Dunlop’s Miami office, where he specialized in the sale of multifamily assets and land, as well as raising joint venture equity for developments. He has been awarded Costar Power Broker for each of the last three years. Prior to that, Pesant was the Director of Acquisitions & Development at Codina Partners.

Pesant holds an M.B.A. from Emory University and a Bachelor of Arts from Trinity College. He is a member of the National Multi Housing Council and the Urban Land Institute. 

This is the second high-level appointment to Berkadia’s Investment Sales team in South Florida this year. In May, the company announced it had recruited Jaret Turkell, former Managing Director with HFF, to join the company as Senior Managing Director.

Michael N. Weinberg joins the firm as Managing Director

ORLANDO (September 9, 2019) – Berkadia today announced that it has hired Michael N. Weinberg as Managing Director in the Orlando office. Weinberg has 15 years of experience in the commercial real estate industry, specializing in debt and equity placement across all asset types as well as hotel investment sales. He has completed over $3 billion of transactions over the course of his career.    

Weinberg will be based in Berkadia’s Orlando office, where he will lead a top-producing team of capital markets professionals.

“Weinberg’s extensive knowledge of the Florida markets, robust relationships within the commercial real estate community, and expertise across all asset types will allow Berkadia to significantly expand its platform in Florida and provide even more exceptional service to clients,” said Hilary Provinse, Berkadia Executive Vice President and Head of Mortgage Banking.

“I’m thrilled to join the Berkadia team,” added Weinberg. “The firm’s entrepreneurial culture supports my work on both debt and equity placement as well hotel investment sales, and I know that my clients will benefit from Berkadia’s deep capital relationships through its robust servicing portfolio, GSE licenses and correspondent life company lender agreements.”

Prior to joining Berkadia, Weinberg served as the Senior Managing Director and co-head of HFF’s Orlando office. Prior to that, Weinberg was the director of real estate at RIDA Development, working on development, acquisitions and dispositions. Weinberg also previously worked at Trammell Crow Company, focusing on tenant representation and asset sales.

Weinberg has been recognized as a “Broker of the Year” in three separate categories (Investment Sales, Land Sales and Financing) by NAIOP Central Florida between 2014 and 2018, and was named Financing ‘Broker of the Year” for the last three consecutive years.  He is a Director on the University of Florida’s Real Estate Advisory Board. He holds an M.B.A. from Rollins College and a B.S. from the University of Florida.

ORLANDO, FLA. – Berkadia has arranged the sale and financing of 1020 at Winter Springs, a 208-unit garden-style multifamily asset in the Winter Springs submarket of Orlando, Florida. Covenant Capital Group, a Nashville-based value-add investment manager, sold the property to a joint venture between the Michaelson Group and GMF Capital for $32.5 million, or $156,250 per unit. The property was 97% occupied at the time of sale.

Senior Managing Director Cole Whitaker, Managing Director Jason Stanton, Director Mary Beale and Director Greg Rainey of Berkadia’s Orlando office represented the seller. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins secured financing on behalf of the buyer. Freddie Mac provided the $26.13 million, fixed-rate loan with a 10-year term and five years interest only.

“1020 at Winter Springs has consistently proven to be a tremendous rental community with its access to top-rated schools and proximity to quality retail,” said Cole Whitaker.

“This was a tremendous value-add opportunity that gave Berkadia the leverage to structure a long-term, fixed-rate loan with very aggressive terms and rate, all while giving the borrower the flexibility to recapitalize the asset through a supplemental financing in the future,” added Mitch Sinberg.  “The sponsor has a proven track record of implementing capital improvements leading to significant NOI growth which enabled us to get Freddie Mac comfortable with the loan terms.”

Located at 1020 Chatham Pines Circle, 1020 at Winter Springs was built in 1992 and is composed of one-, two- and three-bedroom apartments averaging 769 square feet. Units feature stainless steel appliances, granite countertops, garden tubs, full-size washer and dryer connections, ceilings fans, balconies or patios and oversized closets. Select units also feature vaulted ceilings, fire places and lake views.

The gated community is located in a park-like setting, with lake views, and shared amenities including a swimming pool, tennis courts, clubhouse, fitness center, playground, laundry facility, and covered parking. The property is conveniently situated within proximity to U.S. Route 17 (U.S. 17) and State Road 417 (Central Florida GreeneWay), connecting residents to abundant employment opportunities throughout the Orlando metro area. Altamonte Mall, University of Central Florida, Full Sail University, Siemens and Winter Park Memorial Hospital are all located less than 10 miles away.

SAN ANTONIO (June 24, 2019) – Berkadia announces it has arranged the sale of Brix at Terrell Hills, a 141-unit garden-style multifamily property located in the northeast section of San Antonio. Managing Director Mike Miller, Senior Director Will Caruth, Director Chris Ross and Associate Director Cody Courtney of Berkadia’s San Antonio office marketed the property on behalf of the seller. The buyer is Old Three Hundred Capital.

Average in-place monthly rents at Brix at Terrell Hills are $756, slightly below the submarket average of $767.

“This was a unique opportunity to acquire a value-add property in a thriving submarket of San Antonio,” said Miller. “With the heavy lifting of exterior renovations already completed by the previous owner, the buyer can begin interior renovations and realize immediate upside in rental increases and tenant retention.”

“After a competitive marketing campaign Old Three Hundred Capital emerged as the top bidder and they fulfilled their contract terms to the fullest in an efficient and professional manner,” said Courtney. “Well located in the northeast submarket of San Antonio, Brix is poised for a significant value-add play and we are excited to watch the buyer execute their business plan.”

Located at a highly visible intersection of Harry Wurzbach Road and Corinne Drive, Brix at Terrell Hills was built in 1966 on 4.4 acres at 2447 Harry Wurzbach Road. The property consists of 11 two-story buildings with studio, one- and two-bedroom apartments featuring open floor plans. Average unit size is 800 square feet. Nestled in a residential neighborhood, the property provides popular community amenities including an outdoor pool with sundeck, barbecue grills, and a pergola, two laundry facilities, a business center and covered/carport parking.

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Brix at Terrell Hills is adjacent to Fort Sam Houston, a 3,000-acre U.S. Army installation supporting 27,000 military and civilian personnel. The installation is also home to the San Antonio Military Medical Center, a 425-bed teaching hospital serving a million annual patient visits. Also within a five mile radius of the property is a Whole Foods Market, Rackspace’s headquarters, San Antonio International Airport, and Northeast Baptist Hospital. 

Boynton Beach, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired High Ridge Landing, a new 184-unit multifamily property in Boynton Beach, Florida.

Along with Electra America, its debt and equity partner, American Landmark plans to close $1.5 billion in multifamily deals in 2018 throughout the Southeast. This is their third multifamily acquisition so far this year. In South Florida, they also own and operate Beach Walk at Sheridan in Dania Beach and Lago Paradiso in Miami.  

The financing for the deal was arranged by Berkadia's Mitch Sinberg, Matt Robbins, Bob Falese, Matt Cullison, and Wes Moczul.

"We privately negotiated a very attractive price point for this well-located, Class A asset,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “We have great confidence in central Palm Beach County’s growing job base, increased tourism and exceptional quality of life, and are thrilled to be a part of Boynton’s revitalization."

The firm will spend $500,000 on additional upgrades, including improvements to the upscale clubhouse, improving the pool area with a grill space and new furniture, adding a Wi-Fi café, upgrades to the fitness center and landscaping.

High Ridge Landing, built in 2017, is located at 3609 High Ridge Way in Boynton Beach. Units range from one to three bedrooms, featuring stainless steel appliances and granite countertops, walk-in closets, private balconies, detached garages, Wi-Fi access and various floor plans. Amenities available to residents consist of a yoga and spin studio, pool, auto charging stations, fitness center and business center.

Numerous dining, shopping and entertainment options are located close to the property. The property is convenient to transit routes such as Interstate 95 and the Tri-Rail.