Berkadia Arranges Sale Of Multifamily Development Site In Port St. Lucie To Miami Developer
The acquisition marks Ciprés’ second major development project in South Florida and represents a significant expansion northward for the Miami-based company.
The acquisition marks Ciprés’ second major development project in South Florida and represents a significant expansion northward for the Miami-based company.
Native Realty’s Jaime Sturgis and Sara Dorfman closed the property sale on behalf of the seller after just 21 days on the market.
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In their new roles, they will primarily focus on debt and equity advisory across various property types, reinforcing the team’s expertise and regional presence.
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Financing for the development includes a $32.2 million tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac; a subordinate $6 million Surtax loan from Miami-Dade County; and the balance with developer equity.
During his tenure as President and Head of Leasing at Tricera Capital, he was instrumental in developing and implementing the company’s institutional leasing platform, a testament to his ability to drive growth.
Oak Row Equities purchased the $38.5 million site off-market.
The property is currently over 90 percent sold.
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