Berkadia Completes Sale, Financing Of Value-Add Apartment Complex In Deerfield Beach

Berkadia announced the sale and financing of San Marco 1, a 156-unit vintage, garden-style apartment property located in Deerfield Beach.

Senior Director Yoav Yuhjtman and Associate Jose Mota, along with Senior Managing Directors Roberto Pesant and Jaret Turkell and Associate Director Omar Morales of Berkadia South Florida, led the $24.6 million sale on behalf of the seller, Prashkovsky USA, a leading family entrepreneurship, development, and construction group

Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson, Matt Robbins and Scott Wadler of Berkadia South Florida office secured $14.76 million in acquisition financing through a bank on behalf of the buyer, South Florida-based Category Five Real Estate (“CFRE”).

The seven-year, fixed-rate, non-recourse loan includes four years interest only and a step-down pre-payment structure. The deal closed on December 21.

“Deerfield Beach is one of the fastest growing and best-performing submarkets in South Florida, providing a strong foundation to capitalize on future growth opportunities in an area where multifamily supply is limited,” said Yuhjtman.


“As part of our diversification strategy, we are exiting from some of our long-term holds to reallocate exposure to different asset classes where we have identified value in both local and global markets,” explained Adi Karadi, CEO of Prashkovsky USA.


“This South Florida submarket continues to demonstrate strong fundamentals,” added Williamson. “Berkadia was able to obtain attractive, fixed-rate debt that gives the sponsor maximum flexibility to execute on its business plan.”

The buyer, CFRE, is a private equity firm based in South Florida focused on sourcing, acquiring, operating, and improving multifamily assets all over Florida. CFRE achieves superior returns through renovations that enhance tenant living experiences and the surrounding communities.

“San Marco is a strategic acquisition with a favorable unit mix in the heart of South Florida’s tri-county region and CFRE is excited about the investment and looks forward to supporting the surrounding community,” said Mike Peisach, co-founder of CFRE. “The firm’s local presence, agility, and strong balance sheet provide a competitive advantage in closing deals amidst a challenging debt market. CFRE is actively searching for additional opportunities in 2024,” added co-founder Leon Peisach.

Built in 1973, San Marco I is a two-story, garden-style apartment property located on a 6.19-acre site at 311 Northwest 42nd Court in Deerfield Beach, just west of I-95. The entire property is composed of two-bedroom apartments ranging from 810 square feet to 900 square feet. The property is strategically located between two of South Florida’s major office hubs, with over 40 million square feet of office within a 30-minute commute. The property is situated roughly 30 minutes north of Fort Lauderdale-Hollywood International Airport and 30 minutes south of Palm Beach International Airport.




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