Berkadia secures $58.68 million recapitalization for 481-unit community in South Florida

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Advenir at San Tropez
Berkadia arranged $58.68 million in refinancing for Advenir at San Tropez, a 480-unit community in Pembroke Pines, Florida.

Berkadia announces it has arranged $58.68 million in refinancing for Advenir at San Tropez, a 480-unit community in Pembroke Pines, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the loan on behalf of Advenir at San Tropez, LLC.

Berkadia originated and Freddie Mac purchased the fixed rate, 7-year loan with partial interest only and a 70 percent LTV.

“The South Florida rental market has shown clear fundamentals that indicate continued occupancy and rent growth throughout the region,” said Foschini. “This past quarter, effective rents rose by 1.4 percent to $1,737, with over 6,600 absorbed units easily outpacing the 4,800 delivered. Retaining a property of this size, that’s located in the center of the region, offered a clear opportunity for the owner to continue taking advantage of the area’s demand for multifamily housing.”

Built in 1975, Advenir at San Tropez is located at 7840 NW 3rd St. One- and two-bedroom units range from 625 to 850 square feet. The community features an array of amenities including laundry facilities, BBQ and picnic areas, and three swimming pools.

Situated near the Boulevard Heights neighborhood of Pembroke Pines, Advenir at San Tropez is lcoated near multiple employment and entertainment hubs. North Perry Airport and Broward College-South Campus are adjacent the property, with Seminole Hard Rock Hotel & Casino only 15 minutes away and Fort Lauderdale–Hollywood International Airport situated about 25 minutes away.