Berkadia announced that it has secured financing for the acquisition of Colonial Forest and Northwood Apartments, two garden-style multifamily properties with a combined 328 units located in Jacksonville, Florida.
Managing Director Matthew Robbins and Associate Director Wesley Moczul, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Brad Williamson of Berkadia South Florida secured a $21.15 million bridge loan through The Bancorp on behalf of the buyer, Fort Lauderdale-based Southeast Property Group, a leading multifamily owner and operator in Florida. The deal closed on March 1.
“The deals are being purchased in a distressed state and offer tremendous upside and operational potential,” said Robbins. “The sponsor will be investing significant money on capital improvements to completely reposition and rebrand the assets.”
Northwood Apartments features one-, two-, and three-bedroom apartments with new appliances and cabinetry, walk-in closets, fully equipped kitchens, and more. The community offers amenities such as a swimming pool, an on-site clothing care center, and complimentary parking. Residents are afforded convenient access to St. John’s Town Center, Riverside Arts Market, Jacksonville Zoo, and more.
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.
