Dealmaker: Berkadia Arranges Fort Lauderdale Apartment Community Refinancing

(The Village at Eastpointe Apartments, Fort Lauderdale, Fla.)

Berkadia, New York, secured a senior lender and preferred equity provider for the $51.5 million refinancing of The Village at Eastpointe Apartments, a 296-unit property in Fort Lauderdale, Fla.

Managing Director Brad Williamson, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matt Robbins, and Associate Director Wesley Moczul of Berkadia South Florida arranged capital for R.O.I. Capital, a commercial real estate investment company based in Fort Lauderdale.

Freddie Mac, McLean, Va., provided a $42.5 million, five-year fixed-rate loan with two years of interest-only payments with open prepay in year three. The preferred equity provider, RCG Longview, contributed $8.9 million in equity to the deal.

“This transaction refinances an existing bridge loan to return capital back to the sponsor,” Williamson said. “It will allow time and proceeds to complete the remaining CapEx and offer backend prepay flexibility for a future sale or recapitalization.”

Located at 5201 North Dixie Highway, The Village at East Point was built in 1974 and renovated in 2022 and offers one- and two-bedroom units ranging from 750 to 950 square feet. The property is five miles east of I-95 and 20 minutes north of downtown Fort Lauderdale.