Berkadia Closes Deals in Florida, California
Berkadia, New York, originated $11.1 million for Total Bank Center, a Hialeah, Fla., retail property.
Senior Vice President and Managing Director Joe Schrage of the Miami office secured the loan through Sun Life Capitol Advisors LLC for borrower Nima Plaza LLC, Hialeah. The 18-year fully amortizing loan bears interest at 5.54 percent.
“This loan was an extension and additional funding of an existing loan from Sun Life,” Schrage said. He noted that the new loan had a 60 percent loan-to-value ratio and 1.32 times debt service coverage.
The fully leased 120,000-square-foot Total Bank Center occupies 10 acres on West 16th Avenue.
In California, Berkadia marketed Artisan Apartments, a 277-unit Huntington Beach property. Kennedy Wilson, Beverly Hills, sold the property to Domino Realty Management Co., also headquartered in Beverly Hills, for $87.5 million–more than $315,000 per unit.
Berkadia Senior Directors Shane Shafer and Peter Hauser negotiated the sale and Managing Director Allan Freedman assisted with the assumable financing.
Shafer said Kennedy Wilson purchased the property in 2012. “Domino Realty purchased the property as a long-term hold in anticipation of the property’s appreciation and to take advantage of current cash flow and tax benefits,” he said. “It also is conveniently located near additional Domino Realty-owned assets within Orange County, creating strong management economies between properties.”
Built in 1977, Artisan Apartments combines three different designs: urban mid-rise units over podium parking, two-story garden-style apartments and two-story townhouse-style apartments. The property had 97 percent occupancy at closing.
“Quality of life, the strong job market and healthy apartment operations continue to support robust investment activity in the Orange County multifamily market,” said Berkadia Head of Investment Sales Keith Misner. “Activity is brisk in the area.”
Orange County closed 2015 with a 4.2 percent vacancy rate. The average asking rent increased 4.4 percent year-over-year to $1,955.
