Berkadia announces it has arranged $34.45 million in acquisition financing for The Queue Apartments, a 191-unit multifamily community in Fort Lauderdale, Florida. Senior Managing Director Charles Foschini, Director Christopher Apone, and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s South Florida office secured the loan on behalf of Boardwalk Properties, LLC, a real estate acquisition, management, and investment firm based in Miami Beach, Florida.
AIG originated the 10-year term loan with four years of interest only at an aggressive interest rate, and a 65 percent LTV ratio.
A 17 percent decrease in South Florida’s 2018 multifamily deliveries, combined with pent-up demand that continues to increase, has made Fort Lauderdale one of the most compelling investment markets.
“After years of limited inventory growth in South Florida, new apartments in high-density areas and central business districts are attracting immediate competitive investment,” said Apone. “Interior and external amenities, such as the Brightline train station connecting South Florida and Orlando, The Wave streetcar system, and a variety of new businesses have created a real urban playground environment.”
Built in 2017, The Queue is a 191-unit multifamily community situated at 817 SE 2 Avenue in Downtown Fort Lauderdale. Studios, one-, two-, and three-bedroom units offer granite countertops, high-end wood-inspired flooring throughout living areas, stainless steel appliances, and oversized doors. Community amenities include a zen garden, courtyard pool, contemporary two-story gym, pet space and dog park, electric car charging station, private entertaining suite and fireside lounge.
Located in the heart of Fort Lauderdale, The Queue is found near multiple large-scale employers and important transit routes. Broward County Convention Center, Port Everglades, and Broward Health Medical Center are each less than five minutes away, and Fort Lauderdale International Airport is less than 10 minutes away. The community is also located 10 minutes away from Interstate 95 and 15 minutes away from Florida’s Turnpike.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
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