Berkadia announced the sale and financing of Cocoa Grand, a 268-unit apartment home community in Cocoa, Florida. Managing Director David Etchison, Senior Managing Director Cole Whitaker, Managing Director Brett Moss, Directors Mary Beale and Tyler Swidler, and Director of Operations Lauren Gassie of Berkadia North & Central Florida led the $64.3 million sale on behalf of the seller, Alabama-based TrimCor.
“Cocoa Grand is a quality asset that benefits from resort-style amenities and the largest floor plans in the area, making it an attractive opportunity for the purchaser to enter the growing Space Coast market,” said Etchison. “We are excited to execute for TrimCor in a unique environment and look forward to seeing what improvements Sinatra & Co. has in store for the community.”
Senior Managing Director Bob Falese of Berkadia Philadelphia secured acquisition financing through Citibank on behalf of the joint venture between Sinatra & Co. SCRE Florida Value Add Fund along with Stolar Capital and The Nanula Family Office. The deal closed on date July 31.
“Berkadia is thrilled to once again partner with Sinatra & Co to provide a fixed rate debt execution as they add another asset to their Florida portfolio,” said Falese. “Cocoa Grand is a great addition of another quality asset as Sinatra remains extremely active on the acquisition front.”
The property offers a commuter-friendly location with proximity to high-end restaurants and boutique retailers. The property will undergo community improvements totaling $1.3 million, including amenity and landscaping improvements, to best meet renter needs in the area.
Cocoa Grand was built in 2022 and features 268 units averaging 1,630 square feet with stainless steel appliances, walk-in closets, private patio/balcony, and more. Community amenities include a pool, sun deck, fitness center, clubhouse, business center, 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.
