Berkadia announced it has secured a $42.5 million bridge loan for Skye at Hunter’s Creek, a 216-unit garden-style multifamily property located in Kissimmee, Florida.
Managing Director Brad Williamson of Berkadia Miami and Associate Director Wesley Moczul of Berkadia Orlando, along with Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Scott Wadler of Berkadia Boca Raton and Miami, secured the loans on behalf of the sponsor, ZMR Capital, a Tampa-based real estate investment firm.
The lender, Nuveen Real Estate, provided a three-year, floating-rate loan with two one-year extension options and full-term interest only at a 68% loan to value. The loan also offered a rate cap and flexible prepayment terms.
ZMR Capital is a real estate investment firm focused on acquiring, developing, and operating across the multifamily, single-family, industrial, and hospitality asset classes, with a portfolio of $1.5 billion of assets under management.
“We are very pleased with the success of this transaction and partnership between our client and Nuveen,” said Williamson. “This loan went from signed application to closed in 30-days and represents an accretive, cash-neutral refinance that allows the sponsor to pay off their acquisition bank loan and pursue their business plan.”
“Orlando’s economy continues to grow, with new developments in the tourism and healthcare sectors spurring job growth and demand for housing,” said Zamir Kazi, CEO of ZMR Capital. “As a core plus asset located close to the theme parks and other major destinations, Skye at Hunter’s Creek is uniquely positioned to benefit from the area’s ongoing growth.”
Individual apartment units feature stainless steel appliances, granite countertops, plank flooring, smart outlets, patios/balconies, and in-unit washer/dryer. Community amenities of Skye at Hunter’s Creek include a new resident clubhouse, resort‐style swimming pool, outdoor pavilion with grilling station, fireplace and community sharing spaces, fitness center, bark park with canine cleanse, business center with WiFi café, detached garages, playground, and electric charging stations.
A suburban retreat nestled in the sought-after Hunter’s Creek neighborhood of Orlando, the property offers convenient access to the Florida Turnpike and I-4 Express. It is located a half mile from The Loop Kissimmee Shopping Centre, one mile from the Fresh Market, and two miles from Gatorland Theme Park, and is situated approximately 30 minutes south of Downtown Orlando.
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.
