Berkadia

Meridian-at-Eisenhower-Alexandria
BerkadiaFinanceNewsNortheastWashington, D.C.

Berkadia Arranges $84.1 Million Refinancing for Paradigm Development Co.

by Lynn Peisner

ALEXANDRIA, VA. — Berkadia has arranged an $84.1 million refinancing for Meridian Eisenhower Station, a 369-unit high-rise in the Washington, D.C., suburb of Alexandria. The lender was not disclosed. The sponsor was Paradigm Development Co. Patrick McGlohn and Patrick Cunningham of Berkadia DC Metro led the financing efforts, along with Brian Gould, Hunter Wood and Natalie Hershey. The property was 93 percent occupied at the time of closing. The 10-year loan proceeds will be used to retire the existing first mortgage while also returning equity to the borrower for reinvestment …

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The-International-at-Valley-Ranch
BerkadiaFeaturesFinanceInvestment SalesNews

Broadening Buyer Pool Signals Market Resilience

by Lynn Peisner

Multifamily fundamentals are showing encouraging signs for investors. CBRE reports that more than two units were absorbed for every unit completed during the second quarter of this year, lowering the national vacancy rate to 4.1 percent, down from 5.5 percent one year prior.  Year-over-year effective rent growth increased to 1.2 percent during the second quarter, the first time in two years the rate surpassed 1 percent.  CBRE estimates that multifamily construction starts at midyear were 74 percent below their 2021 peak and 30 percent below their pre-pandemic average. Yardi Matrix …

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Astor-Sound-at-Lake-Worth
BerkadiaDevelopmentFinanceFloridaNewsSoutheast

Berkadia Arranges Bridge Financing for Lake Worth, Florida, Project

by Lynn Peisner

LAKE WORTH, FLA. — Berkadia has arranged a $57 million loan on behalf of Midtown Capital Partners. The pre-TCO (temporary certificate of occupancy) loan was funded by Infinity Collective and will be used to refinance the existing construction loan on Astor Sound at Lake Worth. The 230-unit community, which is nearing completion, will consist of four residential buildings and a clubhouse on a 6.5-acre site next to a canal. Amenities include a resort-style pool and pavilion with an outdoor kitchen, a fitness center, a dog park and spa, coworking space, …

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1901-South-Charles-Baltimore
BerkadiaInvestment SalesMarylandNewsNortheast

Berkadia Arranges $73 Million Trade for Baltimore Portfolio

by Lynn Peisner

BALTIMORE — Benefit Street Partners sold a two-property portfolio in Baltimore to FPA Multifamily for $73 million on Sept. 11. The combined occupancy rate on that date was 95 percent. Berkadia DC Metro and Berkadia Richmond represented the seller with a team led by Drew White, Brian Crivella, Carter Wood, Bill Gribbin, Yalda Ghamarian and Cole Carns. The seller is based in New York, and the buyer, which assumed a HUD loan in the acquisition, is headquartered in San Francisco. The portfolio consists of The Lofts, built in 2012, and …

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BerkadiaCompany NewsNew YorkNewsNortheast

Berkadia Forms New Strategic Capital Group

by Lynn Peisner

NEW YORK CITY — Berkadia has hired Gordon Reynolds and Brian Myers, both with the title of senior managing director, and Vice President Conner Adkins. The three new hires will establish the Berkadia Strategic Capital Group, an international advisory team that will serve clients across multiple asset classes. The group will focus on asset-level equity financing and recapitalizations, portfolio-level equity financing and recapitalizations, and programmatic joint ventures. Reynolds, Myers and Conner will collaborate with Jeffries, a New York-based investment banking and capital markets firm, and Knight Frank, a property consultancy …

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Spinnaker-apartments
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $15.7 Million Refinancing in Riviera Beach  

by Lynn Peisner

RIVIERA BEACH, FLA. — Berkadia has arranged a $15.7 million Freddie Mac loan for Rental Asset Management (RAM). Oakland Park, Florida-based RAM will use the funds to refinance Spinnaker Landing Apartments, a 123-unit workforce housing community in Riviera Beach, five miles north of West Palm Beach. Built in 1990 and located at 1931 W. 16th Court, Spinnaker Landing offers one-, two-, three- and four-bedroom units up to 1,420 square feet. The pet-friendly community includes a pool. Matthew Robbins, Hugo Hernandez, Mitch Sinberg, Scott Wadler and Brad Williamson led the Berkadia …

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The-Olivia
BerkadiaFinanceFloridaNewsSoutheast

Berkadia Arranges $58.3 Million ReFi for Miami-Suburb Property

by Lynn Peisner

HOMESTEAD, FLA. — Berkadia has arranged a $58.3 million Freddie Mac loan for Denver-based Grand Peaks Properties and Washington, D.C.-based Artemis Real Estate Partners. The two firms will use the funds to refinance existing debt on The Olivia in Homestead, located about 27 miles south of Miami. The joint venture owners acquired the property, developed in 2018, for $71 million in late 2021 in a Berkadia-brokered transaction. The Olivia sits on 3.4 acres at 14981 Southwest 283rd St. and offers 288 one-, two- and three-bedroom units and amenities such as …

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Wild-Pines
Affordable HousingBerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Berkadia Arranges Acquisition Financing for Naples, Florida, Deal

by Lynn Peisner

NAPLES, FLA. — Interface Properties has acquired Wild Pines of Naples from an undisclosed seller and undisclosed total sales price. Berkadia arranged $26.6 million in acquisition financing, which includes a $20.6 million senior loan and an additional $6 million supplemental through Freddie Mac. Senior Managing Director Mitch Sinberg, Director Michael Basinski and Managing Directors Scott Wadler, Brad Williamson and Matt Robbins led the Berkadia team. Half of the community’s 200 units are income-restricted, but specifics weren’t disclosed. The property was built in multiple phases between 1968 and 2001. Wild Pines …

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The-Conley-Austin-Texas
BerkadiaFinanceNewsTexas

Joint Venture Owners Refinance Austin Asset

by Lynn Peisner

LEANDER, TEXAS — Beacon Real Estate Group and Constellation Group, both based in Miami, have secured an undisclosed amount of debt and equity to refinance The Conley, a 259-unit community in Leander, 25 miles north of Austin, Texas. Berkadia arranged the financing, which consisted of a loan with a three-year term and two 12-month extension options provided by Lasalle. A Los Angeles-based preferred equity partner also contributed capital to the deal, which closed on July 30. Built in 2020 at 665 N. Bagdad Road, The Conley offers one-, two- and …

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Easton-Riverview
BerkadiaFinanceFloridaNewsSoutheast

Joint Venture Secures $56.6 Million to Refinance Easton Riverview in Ruskin, Florida

by Lynn Peisner

RUSKIN, FLA. — Berkadia has arranged a $56.6 million loan to refinance The Easton Riverview in Ruskin, 27 miles south of Tampa, Florida. The borrower/owner is a joint venture of Cross Lake Partners of New York, GreenPointe Holdings of Jacksonville, Florida, and Rivers Residential LLC of Atlanta. Mesa West Capital provided the loan. Built in 2023 on 15 acres, The Easton Riverview offers a mix of one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, 24-hour fitness center with yoga room, two dog parks, electric vehicle charging …

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