Berkadia announces it has secured a $31 million loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia South Florida secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.
Fannie Mae originated the 10-year loan with five years of interest-only.
"Lissette Calderon and her company, Neology, have once again demonstrated their exceptional vision and expertise in transforming the Allapattah neighborhood with the refinancing of No.17 Residences. It's been a remarkable journey working alongside Neology Life on this project. Lissette Calderon's dedication to 'attainable luxury' and the development's success in the heart of Allapattah truly stand out, aligning perfectly with the community's needs.”
Located at 1569 NW 17th Avenue, No.17 Residences Allapattah was completed in April 2021 and leased up in record time. It offers one-, two-, and three-bedroom apartments ranging from 600 square feet to 1,125 square feet. Individual units feature smart home technology, open floor plan kitchens, stainless steel appliances, quartz countertops, washer and dryer, full-length windows, balconies, and walk-in closets. Building amenities include an expansive urban park, lobby lounge with co-working and social spaces, a TV lounge area, art-inspired pool deck, pool side cabanas, indoor/outdoor clubroom, fitness center, on-demand virtual fitness classes, a rooftop garden with a summer kitchen, an outdoor movie theater, bark park, bike storage, electric car charging stations, a zoom room, on-site parking, and 24-hour secure package rooms.
The property is situated in Miami’s centrally located Allapattah neighborhood, which is just a short walk, bike ride, drive or public transit trip from some of Miami’s largest employment centers, including the Health District, Civic/Government Center, Downtown Miami, Wynwood< and the Brickell Financial district, and offers easy access to the Dolphin Expressway and I-95. As home to the flagship location of Superblue, the Rubell Museum and El Espacio, Allapattah has quickly become an important arts and culture destination.
Berkadia announces it has arranged the acquisition financing for Tavalo Tradition, a 216-townhome build-to-rent community located on one of the last developable parcels of land within the Tradition Master Planned Community in Port St. Lucie, Florida. Managing Director Scott Wadler and Senior Director Matt Nihan secured the loan on behalf of the buyer, a vehicle managed by GTIS Partners.
A national bank provided the forward acquisition loan, which will be funded in draws as the builder, K. Hovnanian, delivers units through mid-2024.
“This was the lender’s first build-to-rent (BTR) transaction in the U.S.,” said Wadler, “and Berkadia was successful in getting them to underwrite the unique acquisition structure and accommodate the borrower’s phased takedown closing schedule.”
Added Nihan, “This was a rare opportunity for our client to secure a differentiated BTR product in an infill site within the highly sought after Tradition Master Planned Community which, until now, has only offered traditional multifamily rentals and for sale homes. We expect the BTR market to continue to flourish throughout the state of Florida due as the cost of homeownership continues to rise.”
Located in the heart of the Tradition MPC in Port St. Lucie, Tavalo Tradition offers two- and three-bed townhomes ranging from 1,387 square feet to 1,494 square feet. Individual units feature quartz countertops, 42-inch kitchen cabinets, vinyl plank flooring, stainless steel appliances, washer and dryers, LED lightning and rear-load two-car garages. Community amenities include pickleball courts, a fitness center, a swimming pool, a dog park, over 500 acres of lakes, and 300 acres of parks.
Tradition MPC is a highly successful, 2,500-acre master-planned community that is now getting new industrial and retail tenancy, and a critical mass of residential density. It consists of 7,000 residences,1.3 million square feet of office space, 675 square feet of retail and 300 hotel keys. Tavalo Tradition is minutes away from The Landing at Tradition shops, Cleveland Clinic, Tradition Town Center, a public TMI shuttle, an integrated school system, an amphitheater, PGA Village and Golf club, parks, lakes and entertainment.
Berkadia announces it has arranged the sale of 1715 Douglas, an 0.87-acre development site in the heart of Downtown Coral Gables, within walking distance to Miracle Mile, six million square feet of office space and two million square feet of retail. Senior Managing Directors Roberto Pesant and Jaret Turkell, Director Yoav Yuhjtman, Associate Director Omar Morales and Associate Jose Mota of Berkadia South Florida marketed the property on behalf of the seller.
BAM Development acquired the development site, which is site plan approved for an 8-story, 120-unit Class A multifamily mid-rise development with 178 proposed parking spaces. Tomas Sulichin of ISG Related represented the buyer.
“1715 Douglas has a strategic location in the thriving South Florida market,” said Pesant. “Coral Gables is experiencing a wave of growth that has easy access to major hubs like Brickell and the Miami Health District. As demand for sophisticated living spaces grows, 1715 Douglas will set a new standard for sophistication in the heart of Coral Gables,”
1715 Douglas will feature one- and two-bedroom units averaging from 578 square feet to 1,024 square feet. The site is expected to complete and obtain master permitting within four months. Ideally located in the heart of Downtown Coral Gables, within walking distance to over 120 restaurants and Merrick Park, the property is less than 30 minutes away from the Miami International Airport, Doral, Wynwood, Coconut Grove and has convenient access to the Douglas Road Metro Rail Station, connecting Coral Gables to Brickell, Downtown Miami, Dadeland and offers an additional 16 million square feet of office space within a 20-minute commute.
Berkadia announces it has arranged financing for Atlantic Pacific Companies and LEM Capital to acquire Verona View Apartments, a 293-unit apartment community in Plantation, Florida.
Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Scott Wadler and Matthew Robbins and Vice President of Originations Abigail Beauchamp of Berkadia South Florida arranged the financing on behalf of the joint venture buyers, Miami-based Atlantic Pacific Companies, and LEM Capital, a real estate private equity firm based in Philadelphia, PA.
Freddie Mac provided the 10-year, floating-rate loan.
“Despite the volatility in the capital markets, capital is still lending on multifamily product in South Florida backed by strong sponsorship,” said Robbins. “We were able to secure a very strong floating-rate execution from Freddie Mac to maximize proceeds. South Florida remains one of the tightest rental markets in the country, and properties like Verona View, in close proximity to millions of square feet of corporate office space, are positioned to perform well.”
Built in 1989 and located at 10900 Northwest 17th Street, Verona View offers one-, two- and three-bedroom apartments ranging from 874 square feet to 1,666 square feet. Individual units feature open-floor concepts, stainless steel appliances, hardwood flooring and private patios. Community amenities include a swimming pool, sundeck, grilling area, fitness center, dog park and resident lounge.
Verona View is conveniently located off Sunrise Boulevard, just minutes from I-595, I-75 and the Florida Turnpike, less than 25 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport and surrounded by millions of square feet of prime office and retail space including several corporate headquarters and Sawgrass Mills Mall.
Berkadia announces it has arranged a $12 million refinance loan for The Forge Lofts, a 35-unit boutique building completed in 2022 in the heart of the FATVillage™, downtown Fort Lauderdale’s historic warehouse-turned-tech district. Managing Director Brad Williamson, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matt Robbins of Berkadia South Florida arranged the loan on behalf of the sponsor, Urban Street Development, a full-service development firm based in Fort Lauderdale.
Fannie Mae provided the seven-year, fixed-rate loan with full-term interest-only, through its Near-Stabilization Program and Green Building Certification Program.
“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.”
Located at 401 NW First Avenue, The Forge Lofts offers one- and two-bedroom units ranging from 775 square feet to 1,330 square feet. Individual units feature 10- to 13-foot ceilings, polished concrete floors, premium kitchen appliance packages with custom kitchen islands, smart home technology, and large balconies. Community amenities include controlled building and garage access, reserved parking, an electric car charging station, high speed Wi-Fi, a 24/7 fitness studio, a summer kitchen and a heated pool.
The Forge Lofts are within walking distance to the Brightline, The Broward Center for the Performing Arts, the Fort Lauderdale Museum of Art, and the Museum of Discovery and Science.
Located in the heart of Wynwood, The Dorsey was developed by Related Group, LNDMRK and Tricera Capital
MIAMI (April 17, 2023) – Berkadia announces it has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed, mixed-use development located in Miami’s Wynwood neighborhood. The 306-unit property was co-developed by Related Group, LNDMRK, and Tricera Capital. Berkadia Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, Senior Managing Director Mitch Sinberg, and Vice President Michael Basinski Berkadia South Florida arranged the loan on behalf of the Miami-based sponsors.
The lender, MF1 Capital, delivered a quick and certain closing despite recent market volatility and provided the 30-month, interest-only loan to take out the existing construction financing.
“Despite the macro headwinds, lender confidence remains high for those projects of the highest quality,” said Jon Paul Perez, President of Related Group. “In the case of The Dorsey, we had several factors working in our favor: namely an unmatched location in the world’s most desirable neighborhood, gorgeous designs and a development team that’s second to none.”
Located on the corner of NW 29 Street and NW 3rd Avenue, The Dorsey is at the epicenter of the world-famous Wynwood neighborhood. The property features 73,000 square feet of office space, and 36,000 square feet of ground floor retail. The office portion is fully leased to Schonfeld Strategic Advisors, a New York-based hedge fund making The Dorsey their second headquarters, and Industrious, a leading coworking provider with over 160 locations globally.
“Securing this refinancing in the current market environment shows the strength of our partnership, which worked together and fully pre-leased Dorsey Wynwood’s office space to credit tenants at market-setting rents,” Tricera CEO Ben Mandell said. “It is incredible to see first-hand the evolution of Wynwood over the last 15-plus years from a once overlooked industrial area into a vibrant, all-encompassing neighborhood with dense work, live and play components.”
The Dorsey also includes 306 luxury apartments, with floor plans ranging from 450 to 1,600 square feet. Residents will enjoy a highly curated set of on-site amenities, like a cutting-edge fitness center with a spin and yoga room, a first-class pet spa, a resort-style rooftop pool, a sprawling outdoor courtyard and more. The development also boasts a collection of world-class art
displayed across all common areas.
“The Dorsey is the premier mixed-use development in one of the most desirable 24-hour submarkets in the nation,” said Wadler. “The Property’s strong lease-up velocity and best-in-class features and finishes led to significant lender interest in the refinance.”
The Dorsey’s modern mixed-use design blends with Wynwood's walkable, urban neighborhood. The project’s impactful integration into the neighborhood has already brought accolades as it was named the Multifamily Development of the Year for South Florida at the 2023 CoStar Impact Awards.
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About Related Group
Established in 1979, Related Group is Florida's leading developer of sophisticated metropolitan living and one of the country's largest real estate conglomerates. Since its inception more than 40 years ago, the company has built, rehabilitated, and managed over 100,000 condominium, rental, and commercial units. The firm is one of the largest privately owned businesses in the United States with a development portfolio worth more than $40 billion. Currently, Related Group has 90+ projects in varying phases of development.
The company has earned international status for its visionary designs and development of luxury condominiums, market-rate rentals, mixed-use centers, and affordable properties – all built with the goal of positively impacting neighborhoods and improving quality of life across all demographics. Related Group has redefined real estate by diversifying both its products and buyers, expanding internationally while also sponsoring public art installations that enhance cities' global culture and streetscapes. For more information, please visit relatedgroup.com.
About Tricera Capital:
Miami-based Tricera Capital is a real estate investment firm focused on value-add, urban retail, office and mixed-use investments and developments throughout the United States. Since launching in 2017, Tricera has leveraged its institutional real estate experience, relationships and entrepreneurial spirit to create off-market opportunities and quickly amass a portfolio in select target markets. The team of seasoned real estate professionals with a deep track record of success in deal sourcing, leasing, acquisitions, syndication and overall execution. The talent and experience enables Tricera Capital to consistently perform and deliver superior returns to investors. For more information, visit www.triceracap.com.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
