ORLANDO AND FORT MYERS, FLA. — Berkadia has arranged $217 million in debt and equity financing for the recapitalization of a portfolio in Orlando and Fort Myers. Mitch Sinberg, Brad Williamson, Scott Wadler and Matthew Robbins of Berkadia South Florida arranged the financing on behalf of the borrower, a joint venture between JSB Capital Group and BLD Group. Freddie Mac provided a $185.4 million, fixed-rate loan with a 10-year term at a 60 percent loan-to-value. Related Fund Management provided $31.8 million in preferred equity.
The portfolio comprises 1,139 units across three properties. The properties are: 400 North, a 300-unit mid-rise community in Orlando that was built in 2019; M2 at Millenia, a 403-unit, four-story complex in Orlando also built in 2019; and the 437-unit Venetian Apartments in Fort Myers.