Dealmaker: Berkadia Secures $67M for Three Multifamily Properties
Berkadia, New York, secured $67.3 million in financing for multifamily properties in Florida, Virginia and Arizona.
In Florida, Berkadia Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins arranged $11.35 million for Asden Realty to purchase Cutlerwood Apartments, a 161-unit multifamily property in Miami’s Cutler Bay neighborhood. Freddie Mac, McLean, Va., supplied the six-year loan.
Berkadia Senior Director Tal Frydman and Directors Fernando Polanco and Yoav Yuhjtman represented seller American Federated Tile Corp. in the $14 million transaction.
“Due to the lack of affordable properties in South Florida, Cutlerwood attracted a tremendous amount of activity and offers,” Frydman said.
Cutlerwood Apartments includes eight buildings built between 1963 and 1966. The units range from 500 to 800 square feet and were 98 percent occupied at closing.
Berkadia also sold Harmony at Surprise, a 312-unit multifamily property in Surprise, Ariz. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff completed the $40.6 million sale.
“Given its immediate proximity to the Surprise City Center and its location between major thoroughfares, Harmony at Surprise is one of the best-located multifamily assets in the northwest metro area,” Forrester said.
Buyer M&C Properties, Salt Lake City, Utah, received a $34 million HUD 223(f) loan. Berkadia Senior Director Brad Burns and Senior Managing Director Tom Sigrist arranged the financing.
Berkadia also arranged $22.04 million in construction financing for Colony Village II Apartments in Chester, Va. Senior Managing Director David Blake secured the HUD loan for borrower Colony Village Phase II LLC. The interest-only two-year loan included a 3.36 percent fixed interest rate, an 83.5 percent loan-to-cost ratio and a 40-year amortization schedule.
“The success of Colony Village Apartments has been instrumental in improving the commercial retail and housing stock along portions of this historic Virginia route between Petersburg and Richmond,” Blake said.
