Berkadia today announced the refinancing of Ocean Walk, a 296-unit multifamily property in Key West, FL. Senior Managing Director Mitch Sinberg of Berkadia’s South Florida office, co-leader of Berkadia’s Florida offices, arranged the $70 million loan, along with Senior Director Brad Williamson and Associate Director Matt Robbins, for the borrower - a joint venture between Mast Capital and Rockpoint Group.

The loan was a Fannie Mae execution at an extremely competitive adjustable interest rate.

“We were successfully able to recapitalize the borrower after they added tremendous value to the asset,” said Sinberg. “At the same time, we structured the loan to enable the borrower to add units to the property after closing.”

Ideally located just minutes from the best dining and entertainment in Key West, Ocean Walk offers one-, two- and three-bedroom apartments with unparalleled views. The recently renovated residences feature upgraded cabinets and finishes, stainless steel appliances, and plank flooring. Ocean Walk also offers residents first-class amenities, such as a swimming pool, basketball court, tennis court, and a nearby jogging trail.