Berkadia announces it has arranged a $97 million loan to finance the construction of The Carlton at Robinson Gateway, a new 610-unit, garden-style multifamily community located in Palmetto, Florida, in the Bradenton/Sarasota metropolitan area.
Senior Managing Director Mitch Sinberg matt roband Vice President of Originations Bryan Brown, along with Managing Directors Matt Robbins, Scott Wadler and Brad Williamson of Berkadia South Florida, arranged the financing on behalf of the sponsor, The Mahaffey Apartment Company, a third-generation, family-owned apartment development and management firm that has built over 20,000 apartment units predominantly across Central Florida.
Goldman Sachs Private Bank within Wealth Management provided the financing for the development. Simultaneous with the loan closing, a construction contract was entered into with Esterline Construction who will act as General Contractor for the project.
“We are extremely pleased to have closed the construction financing for the development and we are excited to get to work in bringing our Carlton brand to this high-growth area of North Manatee County,” said Austin Everett, CFO of The Mahaffey Apartment Company on behalf of the borrower. “We would like to recognize the efforts of Mitch Sinberg and Bryan Brown with Berkadia and the entire Goldman Sachs Private Bank team, led by Managing Director Greg Furness for their partnership in bringing The Carlton at Robinson Gateway to fruition.”
Mahaffey closed on the +/- 40-acre site in November 2023. The Carlton at Robinson Gateway is part of the larger Robinson Gateway Development of Regional Impact (DRI, which is developing 288 acres along Moccasin Wallow Road). The property will be adjacent to the recently announced Bay Care Hospital, which is also part of the DRI.
“The project will support the rapid new growth North Manatee County has been seeing,” said Sinberg. “It’s in a prime location surrounded by new developments along a rapidly growing corridor in the county.”
Located at the Northeast Quadrant of I-75 and Moccasin Wallow Road, The Carlton at Robinson Gateway will consist of 15, four-story buildings with 610 one-, two-, and three-bedroom apartments ranging from 625 to 1,587 square feet. Individual units will feature stainless-steel appliances, in-unit washers and dryers, high-speed internet access, and more. Community amenities will include a clubhouse, business center, on-site storage units, community dog park, resort-style swimming pool, 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.
