Berkadia announces that it arranged a $57 million pre-TCO loan to refinance the existing construction loan on Astor Sound at Lake Worth, a 230-unit, garden-style apartment community in Lake Worth, Florida that is nearing completion.
Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson and Matt Robbins, and Vice President Patrick Johnson secured the financing on behalf of the sponsor, Midtown Capital Partners, a vertically integrated real estate investment advisor, operator and developer with a diverse portfolio of investments in the U.S. and Spain.
“The sponsor sought a new lender to provide bridge financing through completion and lease-up for Astor Sound at Lake Worth,” said Wadler. “The property is now close to completion and poised to benefit from an outstanding location in central Palm Beach County where demand for high-quality rental housing continues to swell.”
Located at 2201 Tenth Avenue, Astor Sound at Lake Worth consists of four two- to-five-story buildings and a clubhouse on a 6.5-acre site next to a canal. One-, two-, and three-bedroom floor plans range from 715 to 1,160 square feet and offers stylish modern interiors including chef-inspired kitchens with center islands, quartz countertops, luxury flooring, full-size front-loading smart washer/dryer, oversized walk-in closets, and more. Community amenities include a resort-style pool and pavilion with summer kitchen, fitness center, outdoor entertainment area, dog park/spa, resident co-working lounge, coffee bar, game room, conference room and outdoor trail.
Situated just minutes from downtown Lake Worth, the property offers convenient access to I-95 and other major thoroughfares, along with the beaches. The property and is 2 miles from Palm Beach State College, 3 miles from HCA Florida JFK Medical Center, 8 miles from downtown West Palm Beach and Palm Beach International Airport, and within minutes of golf courses, recreational amenities, and an abundance of shopping and dining.
Founded in 2010, Midtown Capital partners is an SEC-registered investment advisor and vertically integrated real estate firm with offices in Miami, West Palm Beach and Madrid. The company’s management team has over 80 years of global real estate expertise and oversees a portfolio of $1 billion in assets across 22 investment vehicles with more than 200 investors in the U.S. and Spain.
