Berkadia has secured $18 million in financing for the acquisition of 590 Flagler, a 96-unit apartment building located in the Little Havana submarket of Miami.
Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins, Brad Williamson and Scott Wadler, and Vice President Hugo Hernandez of Berkadia Miami arranged the financing on behalf of Rental Asset Management, a property management company based in Oakland Park, which acquired the property for $31.1 million.
A local bank provided the three-year, floating-rate loan with two years of interest only.
“Rental Asset Management also owns the adjacent sister property, First & Sixth, that they purchased in April, which had an impressive 4-month lease-up. This gave the borrower the confidence to take on the lease-up risk and acquire 590 Flagler at TCO and at a below-market price,” explained Robbins. “Berkadia’s understanding of the varied lending platforms and their programs allowed us to quickly identify a local bank that given our relationship, strong sponsorship, and the recent lease-up success story, got them comfortable to close on a property with no leasing or in-place income.”
Located at 590 West Flagler Street, 590 Flagler is a three-story property built in 2022 that includes one-bedroom units averaging 650 square feet. Amenities include a pool, fitness center, and package service center. It is located close to Marlins Park, Brickell, Downtown Miami, Coconut Grove, and Coral Gables, and just 20 minutes from Miami Beach and 10 minutes from Miami International Airport.
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