Dealmaker: Berkadia Secures $192M for Mixed-Use, Multifamily

Berkadia, New York, secured $191.4 million for three Florida and Texas mixed-use and multifamily properties.

In Florida Senior Managing Director Marc Sumner secured $135.7 million in combined financing for two properties, The Yard at Ivanhoe and Grand Boulevard Sandestin. Separate life insurance companies provided both financings, which closed in late December.

Sumner secured $80 million in permanent construction financing for The Yard at Ivanhoe through New York Life for an 11-year term. The mixed-used property is being developed by Real Estate Inverlad, Orlando, Fla. When completed the property will include 591 apartments and 27,000 square feet of retail. 

“We believe this property will set the bar for multifamily in Orlando,” Sumner said .

Grand Boulevard at Sandestin, a 469,000 square foot town center in Miramar Beach, Fla., also received $55.7 million in refinancing. Sumner secured the 10-year loan for GB Retail LLC, Miramar Beach.

In Fort Worth, Texas, Berkadia Senior Managing Director Stewart Campbell secured $41 million to refinance Mansions at Timberland. “After considering various structures from a handful of aggressive lenders, the borrower chose to go with a Fannie Mae loan, and to meet strict timing deadlines, we closed in 48 days,” Campbell said, noting the deal closed in early January.

The seven-year fixed-rate loan with a 75 percent loan-to-value ratio included a 30-year amortization schedule.

The 381-unit property at 11401 North Riverside Drive is close to Highways 170 and 114 and Interstate 35-W and includes one and two-bedroom floorplans.