Dealmaker: Berkadia Secures $107M for Florida, California Multifamily

Berkadia arranged $106.9 million in agency financing for apartment communities in Tampa, Fla. and Laguna Niguel, Calif.

In Tampa’s Ybor City National Landmark Historic District, Berkadia Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins secured a $41.3 million loan for GMF Capital, New York. Multi-Housing News reported GMF acquired Bainbridge Ybor City apartments in a $58 million off-market transaction.

Berkadia originated and Freddie Mac purchased the 10-year floating-rate loan with five years of interest-only payments.

GMF Capital Managing Director of Acquisitions Jared Frydman said Bainbridge Ybor City fits the firm’s long-term objective of building a portfolio in growth markets with attractive economic and demographic fundamentals. Developed in 2017 by Bainbridge Cos. LLC, Wellington, Fla., the property at 1512 East 12th Avenue includes studio, one- and two-bedroom floor plans 10 minutes from downtown Tampa.

Berkadia also refinanced a loan for Laguna Serrano Apartments, a garden-style property in Laguna Niguel, Calif. Managing Director Allan Freedman and Associate Director Nick Provost secured the $65.6 million loan for a California-based borrower.

The 10-year Fannie Mae fixed-rate loan closed at 2.84 percent interest rate and is full-term interest-only. The loan has a flexible prepayment schedule with no prepayment premium for the last three years.

“The loan was able to be rate-locked approximately one week after application signing,” said Freedman. “Additionally, escrows and standard nonrecourse carveouts were all waived.”