Berkadia announces it has arranged financing for Atlantic Pacific Companies and LEM Capital to acquire Verona View Apartments, a 293-unit apartment community in Plantation, Florida.

Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Scott Wadler and Matthew Robbins and Vice President of Originations Abigail Beauchamp of Berkadia South Florida arranged the financing on behalf of the joint venture buyers, Miami-based Atlantic Pacific Companies, and LEM Capital, a real estate private equity firm based in Philadelphia, PA. 

Freddie Mac provided the 10-year, floating-rate loan. 

“Despite the volatility in the capital markets, capital is still lending on multifamily product in South Florida backed by strong sponsorship,” said Robbins. “We were able to secure a very strong floating-rate execution from Freddie Mac to maximize proceeds. South Florida remains one of the tightest rental markets in the country, and properties like Verona View, in close proximity to millions of square feet of corporate office space, are positioned to perform well.”

Built in 1989 and located at 10900 Northwest 17th Street, Verona View offers one-, two- and three-bedroom apartments ranging from 874 square feet to 1,666 square feet. Individual units feature open-floor concepts, stainless steel appliances, hardwood flooring and private patios. Community amenities include a swimming pool, sundeck, grilling area, fitness center, dog park and resident lounge. 

Verona View is conveniently located off Sunrise Boulevard, just minutes from I-595, I-75 and the Florida Turnpike, less than 25 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport and surrounded by millions of square feet of prime office and retail space including several corporate headquarters and Sawgrass Mills Mall. 

CHICAGO, IL – December 17, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $27.5 million in financing for Valley Lo Tower II, a 112-unit, mid-rise multi-housing community in the northern Chicago suburb of Glenview, Illinois.

The HFF team worked on behalf of The Marquette Companies and LEM Capital to secure the five-year, fixed-rate loan through Allstate Investments.  Loan proceeds were used to acquire and substantially upgrade the boutique property.

Valley Lo Tower II features large, family-friendly units, which average nearly 1,800 square feet, with amenities similar to single-family homes.  Located near Lehigh and Chestnut Avenues in the affluent Glenview community, the property combines a quiet residential setting with access to highly ranked public schools and walkability to The Glen Town Center.  Valley Lo offers a mix of 29 one-bedroom, 30 two-bedroom and 53 three-bedroom floor plans along with abundant parking in a heated garage.  Unit amenities include in-unit washers and dryers, large walk-in closets and spacious private balconies.  Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court.  Marquette’s renovation dedicates a significant portion of the budget toward making these amenities the finest in the submarket.

The HFF debt placement team representing the borrowers consisted of managing director Matthew Schoenfeldt.

“This property represents a unique opportunity to reposition a marquee asset in one of Chicago’s North Shore suburbs,” Schoenfeldt said.  “To longtime residents of the submarket, Marquette & LEM’s revitalization of Valley Lo is an absolute no-brainer.  Even if a land parcel could be secured in a similarly compelling location, the cost to construct a building of this quality inclusive of underground parking would be prohibitive.  The partnership truly has a diamond in the rough.”