Berkadia, a distinguished leader in the commercial real estate sector, announces that it secured a $15.72 million loan on behalf of Rental Asset Management (RAM) to refinance Spinnaker Landing Apartments, a 123-unit apartment community located in Riviera Beach, Florida.
Managing Director Matthew Robbins and Vice President Hugo Hernandez, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Brad Williamson of Berkadia Miami and Boca Raton, secured the refinancing on behalf of (RAM), an Oakland Park, Florida-based multifamily owner/operator.
“Palm Beach County is one of the nation’s most in-demand rental markets with demand outstripping supply by an order of 10 to 1,” said Robbins. “Spinnaker Landing Apartments benefits from great ownership, convenient access to I-95 and boasts some of the region’s largest rental units.”
Built in 1990 and located at 1931 W 16th Court, Spinnaker Landing Apartments offers one-, two-, three- and four-bedroom units up to 1,420 square feet. The pet-friendly community includes a pool. It is conveniently located off I-95, within 15 minutes of downtown West Palm Beach, Palm Beach International Airport, Wellington/Greenacres, Singer Island and the beaches.
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.
