Berkadia, a distinguished leader in the commercial real estate sector, announces that it has secured $107.3 million in debt to refinance a three-property Florida multifamily portfolio with 944 units in Central Florida.
Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Brad Williamson, and Vice President Hugo Hernandez of Berkadia Boca Raton and Miami arranged the financing on behalf of the sponsor, Robbins Property Associates of Tampa, Florida.
Berkadia originated, and Freddie Mac purchased a 10-year, fixed-rate loan for each property. The deal closed on June 30.
“Orlando and Tampa have been the beneficiaries of nation-leading population and job growth, causing unprecedented demand for well-priced Class B and C apartments throughout Central Florida,” said Sinberg.
“Our strong and enduring partnership with Berkadia has been instrumental in helping us capitalize on market opportunities over the years,” said Bernardo Tannenbaum, Associate Director of Finance at Robbins Property Associates. “At Robbins, we create long-term value by owning, operating, and reinvesting in well-located multifamily communities. That disciplined approach, coupled with Berkadia’s trusted guidance and execution expertise, enabled us to successfully refinance this portfolio and position these properties for continued performance.”
The Florida Multifamily Portfolio includes:
- Briarcrest at Winter Haven, located at 200 Avenue K SE, Winter Haven, Florida. Built in 1973, the 460-unit community offers one-, two- and three-bedroom apartments. Freddie Mac provided a $48.273 million loan with 8 years interest-only, a 35-year amortization period, and 70% loan-to-value.
- Legend Oaks, located at 4714 N Habana Avenue in Tampa, Florida. Built in 1983, the 416-unit community offers one- and two-bedroom apartments. Freddie Mac provided a $54.568 million loan with eight years interest-only, a 35-year amortization period, and 70% loan-to-value.
- Windward Apartments, located at 1746 Bowen Drive, Orlando, Florida. Built in 1973, the 68-unit community consists of single-story villas and two-floor apartments. Freddie Mac provided a $4.485 million loan with full-term interest-only, a 30-year amortization period, and 65% loan-to-value.
Robbins Property Associates (RPA) is a vertically integrated real estate private equity firm that combines experienced and proven investment capability with a best-in-class team of real estate operations professionals. Founded in 2009 with the objective to provide superior resident service, it has become a leader in the multi-family housing investment and management industry. The company currently owns and operates 21 properties totaling over 5,000 units in Florida.
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.
