Dealmaker: Berkadia Closes $61M in Multifamily Deals
Berkadia, New York, closed two multifamily deals totaling $61 million in Florida and California.
In Orlando, Fla., Bayshore Investment Partners, Miami, acquired Esplanade Apartment Homes for $23.2 million. Berkadia South Florida Senior Managing Director Mitch Sinberg and Senior Director Brad Williamson secured a 10-year, $17.4 million Fannie Mae loan with five years of interest-only payments at a 75 percent loan-to-value ratio.
Chad Freedman, Founding Partner with Ballaga & Freedman LLP, Coral Gables, Fla., represented Bayshore in the transaction.
Esplanade Apartment Homes’ 186 units increased Bayshore’s Florida portfolio to eight properties containing 1,100 units.
“Orlando multifamily properties are in high demand as the region continues to see above-average job growth,” Williamson said. “Orlando ranks second only to San Jose [Calif.] in current year-over-year employment growth among the 27 largest MSAs in the U.S. and has an employment base of over one million jobs.”
Built in 2008, Esplanade encompasses seven three-story buildings four miles south of downtown Orlando. The property was 96.8 percent occupied when the sale closed.
In Menifee, Calif., Berkadia represented Strata Cantabria LLC, San Diego, when it sold Cantabria Apartment Homes to the MJW Property Group, Canogo Park, Calif.
Berkadia Director Kyle Pinkalla with Managing Directors John Chu and Ed Rosen completed the $43.6 million sale on April 25.
“This trade, at a sub-4.4 percent cap rate, reflects the aggressiveness of capital chasing newer-constructed assets that are well positioned for continued rent growth in the Inland Empire,” Pinkalla said.
Built in 2009, the property’s 230 units are adjacent to San Jacinto College.