Client Demand Drives Over $1B In Deal Volume For Berkadia Florida In Early Summer

Amid a shifting capital markets landscape, the Berkadia Florida mortgage banking platform closed $1.15 billion in property financings between June 1 and July 31, supporting a wide range of client needs with a well-rounded mix of acquisitions, refinances, and ground up construction loans.

In total, the Florida-based team, led by Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, executed 35 deals across the country, including 12 acquisition loans, two equity raises, one construction loan, three land loans, and 17 strategic refinances.

“A flurry of activity this spring yielded strong closings this summer totaling over $1 billion in deal volume in the past 60 days,” said Sinberg. “As these transactions illustrate, there’s plenty of debt available for quality assets and experienced sponsors; the challenges are limited for-sale multifamily inventory and elevated construction costs. Florida’s strong fundamentals, and global demand for luxury apartments and condos in every major metro, continues to fuel demand for Berkadia’s deep expertise and strong relationships with a full spectrum of capital providers.”  

Private debt funds provided approximately $359 million in capital, while government-sponsored enterprises (Freddie Mac and Fannie Mae), accounted for $417 million in financing volume, reflecting Berkadia’s ongoing leadership with the GSEs. (Berkadia was named the #1 Freddie Mac lender by volume in 2024 – its fourth consecutive year holding the top spot – and the #2 Fannie Mae DUS lender.) The remaining $374 million was provided by banks, life companies, conduits and equity groups.

Notable transactions that Berkadia Florida closed this summer include:

• $87.5 million acquisition financing on behalf of Related Group, Dezer Development, and BH Group for the Miami Beach Club site in Sunny Isles Beach, Florida, one of the largest land transactions in the market in recent years
• $56 million on behalf of the joint venture sponsors LD&D (in a joint venture with IGEQ), Black Salmon and Bridge Investment Group to recapitalize Wynwood Haus, a newly built 224-unit multifamily community in Miami’s Wynwood neighborhood
• $73.27 million construction loan for Fortune International Group and Blue Road to complete Nexo Residences, a short-term rental condominium tower in North Miami Beach
• $107.2 million debt package for Robbins Property Associates to refinance three vintage multifamily properties in Central Florida
• $75 million acquisition loan for Atlas Real Estate Partners to acquire a 384-unit apartment community in Orlando