Berkadia announced that it arranged acquisition financing for Cedar Ridge at Forest Lake, a brand-new, build-to-rent (BTR) community consisting of 70 single family homes in the fast-growing Orlando suburb of Davenport, Florida.
Managing Director Brad Williamson along with Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matthew Robbins, and Vice President-Originations Kyle Ryan of Berkadia Miami secured $13.2 million in acquisition financing on behalf of the sponsor, Bayshore Investment Partners, LLC (BIP) a Miami/Coral Gables-based real estate investment and management firm. The deal closed on September 19.
Fannie Mae provided the seven-year loan with a full-term interest-only amortization schedule at a fixed rate of 5.09 percent.
“This was a complex deal because of the seller’s hard closing date in September, the fact that the property was still in the final stages of lease-up, and the limited number of lenders for brand new BTR product such as this,” said Williamson. “In the end, we were able to provide the sponsor with attractive terms through Fannie Mae and execute quickly to satisfy the seller’s terms.”
“This was a challenging transaction given the tight closing timeframe; however, it was a very successful process due to the full team effort from all stakeholders,” said Jose Tello, co-founder and principal at BIP. “The seller was extremely responsive and provided real-time feedback to meet all our lender’s requirements. Working with Berkadia and Fannie Mae was also a very positive and streamlined process as usual.”
“We are thrilled with this BTR acquisition as we continue to expand our Florida and Southeast holdings via this compelling asset class,” added Efren Ales, co-founder and principal at BIP. “This brings our total acquisitions to over 2,600 units since inception. We are actively seeking to acquire additional BTR and traditional multifamily assets across primary markets in the Southeast.”
Built in 2023, Cedar Ridge at Forest Lake features spacious three-, four-, and five-bedroom homes with integrated smart home technology, attached two-car garage, private fenced backyards, stainless steel appliances, washer and dryer, keyless private entry, and more. Community amenities include on-site management, pet-friendly spaces, playground, pool, and much 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.
