Dealmaker: Berkadia Secures $117M for Multifamily

Berkadia, New York, secured $116.8 million for multifamily communities in Palm Beach Gardens, Fla. and Lakewood, Wash.

In Florida, sponsor Advenir, Aventura, Fla., received an $80 million value-add loan to rehabilitate 542-unit community The Fountains. Berkadia South Florida Senior Managing Directors Charles Foschini and Mitch Sinberg, Managing Director Chris Apone, Associate Director Matt Robbins and Senior Analyst Lourdes Carranza-Alvarez arranged the transaction.

Advenir acquired the property from Landmark at Garden Square LLC for $97.2 million.

Freddie Mac originated the three-year floating-rate loan, which will renovate the 1974-vintage property, last updated in 2009.

Foschini noted Freddie Mac’s value-add program requires a substantial investment in both unit interiors and property exteriors in exchange for a low rate and higher proceeds.

Located at 4120 Union Square Boulevard, The Fountains has drive-by visibility from Military Trail and proximity to several major employers and shopping centers.

Berkadia also secured $36.8 million in financing for Springbrook Apartments, a multifamily community now under construction in Lakewood, Wash. Senior Director Rob Affleck secured the permanent construction financing through the HUD 221(D)4 program for Momentum Partners, Tacoma, Wash. The deal closed on January 19.

The 40-year fixed-rate loan carried a 3.75 percent interest rate and qualified for the HUD Green MIP Reduction program. The property also received an eight-year tax abatement from the City of Lakewood.

Springbrook Apartments will have 208 units in four four-story buildings on seven acres.