Berkadia has secured financing for the acquisition of a portfolio of boutique multifamily properties located in the Wilton Manors section of Fort Lauderdale. The portfolio consists of six apartment communities built between 1963 and 1973 totaling 94 units. Rental Asset Management acquired the property for $13.13 million. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated a $7.6 million, fixed-rate loan, with a 12-year term and six years of interest only, through Fannie Mae’s multifamily DUS green loan program.
The properties in the portfolio are:
“The sponsor plans to supply the fast-growing Wilton Manors neighborhood with a quality, renovated, rental product within the niche boutique apartment space,” said Robbins. “By taking advantage of Fannie Mae’s Green Rewards program, our client was able to secure attractive terms in an already low interest rate environment – which will be instrumental in the implementation of their business plan.”
- Villa Teresa (38 Units), located at 601- 607 NE 29th Drive
- Lake Ridge Flats (5 Units), located at 1040 NE 10th Avenue
- La Siesta (16 Units), located at 1409-1413 N Dixie Highway
- Flats at Five Points (12 Units), located at 999 NE 23rd Drive
- Holiday Park Place (12 Units), located at 745 NE 15th Avenue
- Middle River Terrace (11 Units), located at 899, 1041-1045 NE 15th Street
[responsivevoice_button voice="US English Female" buttontext="Listen to Post"]
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.]]>
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.