“This asset is a unique rental loft unlike any other rental property, with high ceilings and an open layout, and excellent Opportunity Zone location,” said Williamson. “Berkadia was able to structure fixed-rate debt with full-term interest-only to mirror the sponsor’s business plan. The Forge Lofts are a great addition to this growing neighborhood.”
Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski of Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
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.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
Pulso Capital purchased the property for $551,282 per unit.
In addition, Berkadia lined up a $280.3 million loan for the acquisition.
Calum Weaver, Perry Synanidis and Garrett Pordes of Cushman & Wakefield represented the seller, 3T Country Club Village LP, in the transaction.
The portfolio consists of six apartment communities built between 1963 and 1973 totaling 94 units. CLICK ON THE HEADLINE FOR MORE
Foschini has been named Senior Managing Director, Berkadia’s highest production title. CLICK ON THE HEADLINE FOR MORE
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