Berkadia announces it has secured financing for the acquisition of a portfolio of boutique multifamily properties located in the Wilton Manors section of Fort Lauderdale, Fla. The portfolio consists of six apartment communities built between 1963 and 1973 totaling 94 units. Rental Asset Management acquired the property for $13.13 million.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated a $7.6 million, fixed-rate loan, with a 12-year term and six years of interest only, through Fannie Mae’s multifamily DUS green loan program.
“The sponsor plans to supply the fast-growing Wilton Manors neighborhood with a quality, renovated, rental product within the niche boutique apartment space,” said Robbins. “By taking advantage of Fannie Mae’s Green Rewards program, our client was able to secure attractive terms in an already low interest rate environment – which will be instrumental in the implementation of their business plan.”
The properties in the portfolio are:
- Villa Teresa (38 Units), located at 601- 607 NE 29th Drive
- Lake Ridge Flats (5 Units), located at 1040 NE 10th Avenue
- La Siesta (16 Units), located at 1409-1413 N Dixie Highway
- Flats at Five Points (12 Units), located at 999 NE 23rd Drive
- Holiday Park Place (12 Units), located at 745 NE 15th Avenue
- Middle River Terrace (11 Units), located at 899, 1041-1045 NE 15th Street
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, 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.