Berkadia announced that it has secured financing for Axonic Properties’ acquisition of 246 out of 361 condo units at Palmera Pointe Apartments, located in the Town ‘n’ Country submarket of Tampa, Florida.
Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson and Matthew Robbins, and Associate Director Scott Wadler of Berkadia South Florida secured a $32.23 million loan on behalf of the sponsors, Axonic Properties, a New York-based private equity firm specializing in residential real estate. The deal closed on January 31.
Axonic Properties began acquiring units at Palmera Pointe in December 2021 and amassed 36 units prior to closing on the bulk acquisition of an additional 246 units last month. This gives Axonic owners up 282 out of the 361 condo units, or 78 percent ownership.
“We are excited to grow our presence in the Tampa market,” said Jonathan Shechtman, Managing Principal, Axonic Properties.
Berkadia secured a non-recourse loan with a five-year term and a flexible structure to align with the sponsor’s business plan. It includes $25 million of initial funding and $7.232 million of additional funding to execute their business plan.
“We leveraged the sponsor’s extensive experience and strong track record to provide them with attractive debt with the necessary flexibility to execute their business plan on a complicated transaction,” said Williamson.
Located at 7417 Palmera Pointe Circle, Palmera Pointe Apartments consists of 361 condo units in a 20-acre rental condominium community. The spacious units feature high-quality finishes including custom flooring, designer kitchens, elegant woodwork, soft lighting, and more. It is conveniently located in the Town ‘n’ Country district of Tampa, just ten minutes from the airport, and is within easy access to Veteran’s Expressway and Highways 60 and 275. The premier location also affords residents access to Tampa’s premier shopping malls, restaurants, museums, sports stadiums, business districts, and beaches.
