Berkadia announces it has arranged $12 million in financing for the acquisition of The Village at Boca East, an 84-unit multifamily community in Boca Raton. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia Boca Raton secured the financing on behalf of Rental Asset Management (RAM), a real estate investment firm based in Fort Lauderdale, Florida.
Berkadia originated and Freddie Mac purchased the 10-year, Green Up loan with a fixed rate.
“The property’s competitive location near Florida Atlantic University and Palm Beach County’s rising employment rates provided two important demand drivers in a market that’s seen rising corporate relocations benefitting new and current residents,” said Sinberg. “Taking advantage of Freddie Mac’s Green Up financing, the sponsor will be able to carry out an extensive value-add program that also brings necessary eco-friendly upgrades throughout the asset.”
Built in 1975, The Village at Boca East is located at 1601 NW 13th Street. One-, two- and three-bedroom units include walk-in closets, dishwasher and range. Community amenities feature swimming pools, a courtyard with garden and on-site laundry facilities.
Situated near central Boca Raton, the community is found near multiple employers including Florida Atlantic University, Boca Raton Airport and Lynn University, which are each just 5 minutes away from the property. Transit corridors like Interstate 95, North Federal Highway and N Military Trail are also 5 minutes away, providing direct access throughout South Florida and the rest of the Atlantic Coast.