Berkadia announces it has arranged financing for Atlantic Pacific Companies and LEM Capital to acquire Verona View Apartments, a 293-unit apartment community in Plantation, Florida.
Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Scott Wadler and Matthew Robbins and Vice President of Originations Abigail Beauchamp of Berkadia South Florida arranged the financing on behalf of the joint venture buyers, Miami-based Atlantic Pacific Companies, and LEM Capital, a real estate private equity firm based in Philadelphia, Pennsylvania.
Freddie Mac provided the 10-year, floating-rate loan.
“Despite the volatility in the capital markets, capital is still lending on multifamily product in South Florida backed by strong sponsorship,” said Robbins. “We were able to secure a very strong floating-rate execution from Freddie Mac to maximize proceeds. South Florida remains one of the tightest rental markets in the country, and properties like Verona View, in close proximity to millions of square feet of corporate office space, are positioned to perform well.”
Built in 1989 and located at 10900 Northwest 17th Street, Verona View offers one-, two- and three-bedroom apartments ranging from 874 square feet to 1,666 square feet. Individual units feature open-floor concepts, stainless steel appliances, hardwood flooring and private patios. Community amenities include a swimming pool, sundeck, grilling area, fitness center, dog park and resident lounge.
Verona View is conveniently located off Sunrise Boulevard, just minutes from I-595, I-75 and the Florida Turnpike, less than 25 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport and surrounded by millions of square feet of prime office and retail space including several corporate headquarters and Sawgrass Mills Mall.
