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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.
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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.”