One Real Estate Investment is building “The One at Hope Mills” in Fayetteville

Berkadia has arranged senior construction financing for The One at Hope Mills, a 360-unit garden-style multifamily development in the rapidly expanding Fayetteville, North Carolina market.

Senior Managing Director Mitch Sinberg and Managing Directors Brad Williamson, Scott Wadler and Matt Robbins of Berkadia South Florida secured acquisition financing on behalf of the sponsor, One Real Estate Investment (OREI), a real estate investment and management firm based in Miami, Florida.

City National Bank of Florida with Abanca provided the $47 million floating rate construction loan for the project. Construction will begin in the third quarter of this year and the property is scheduled for completion in the second half of 2024.

Founded in 2001 by Jeronimo Hirschfeld, OREI is a leading multifamily investment firm with a portfolio of garden-style apartment communities valued at more than $1.5 billion in several high-growth markets across the Sun Belt. In 2022, OREI broke ground on over 800 units and has over 1,500 units in planning for 2023.

“The Sponsor’s investment thesis is driven by the favorable rental market in Fayetteville, which experienced 16.8 percent year-over-year rent growth, while the vacancy rate has compressed due to limited supply and a strong job growth,” said Williamson. “Hope Mills is being transformed by the southwest expansion of the I-295 Outer Loop, providing commuters with quicker access to Fayetteville and Fort Bragg while enabling the emergence of area’s logistics corridor.”

Located 3680 Elk Road, The One at Hope Mills will consist of 11 three-story buildings and a clubhouse on a 46-acre site approximately six miles southwest of downtown Fayetteville and three miles west of Fayetteville Regional Airport. The property will feature a mix of one-, two-, and three-bedroom floor plans with best-in-class amenities.

Community amenities will include a resort-style pool, an outdoor cabana with TV’s, a game room with billiards and shuffleboard, and a state-of-the-art fitness center amongst many others.

The One at Hope Mills benefits from its proximity to several retailers including the high-end grocer Harris Teeter and the area’s main retail corridor, N Main Street. The property also will benefit from the expansion of I-295 Outer Loop, which will provide excellent interstate connectivity for the region and a direct connection from Fort Bragg to I-95 south of the city.

“We’re thrilled to present our second residential development in the Fayetteville metro area,” stated Jeronimo Hirschfeld, President and CEO of OREI. "This project represents a unique and very exciting opportunity that capitalizes on continued growth in the market. We look forward to expanding our presence throughout the Southeast region with additional development opportunities in high growth markets with strong fundamentals.”

Berkley Hall Companies is the general contractor, BSB Design is the architect, and Site Design Inc. is the civil engineer for The One at Hope Mills.

ORLANDO – Berkadia announces it has arranged the refinancing of Holiday Inn & Suites Orlando SW – Celebration Area, a 444-key, full-service hotel in Kissimmee, Fla. Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Hotels & Hospitality secured the financing on behalf of the owner Palm Holdings, a hotel management and development company based in Toronto, ON. 

Palm Holdings is an award-winning, family-owned group of companies that have been recognized as an industry leader in the hospitality and real estate sector with a portfoliothat consists of 20 hotels containing 3,200 keys, including 4 hotels comprising nearly 1,000 keys in the state of Florida. Palm Holdings purchased Holiday Inn & Suites Orlando SW- Celebration Area in 2017, and have since spent over $6 million on renovations, including half of the hotel keys, new elevators and refreshed common areas. 

Orlando-based One Florida Bank provided the five-year term loan. 

“We’ve had a longstanding relationship with Palm Holdings and the Taneja family, having advised them on a number of sales and financings domestically,” said Weinberg. ”The Orlando hospitality market’s strong recovery, showing RevPAR metrics well in excess of 2019 numbers, was a key consideration in capturing lender interest.”

Built in 1984 and renovated in 2019, the Holiday Inn & Suites Orlando SW – Celebration Area Hotel is located at 5711 West Irlo Bronson Memorial Highway. Hotel amenities include daily housekeeping, outdoor pools, a game room, the Trattoria Café, a fitness center, meeting facilities, Wi-fi and on-site parking. The hotel is proximate to many of Orlando’s lodging demand drivers including Walt Disney World Resort, Universal Studios Resort and the Orange County Convention Center. 

Berkadia's Hotel & Hospitality team continues its streak of transactions in the Orlando market with the refinance of Holiday Inn & Suites. This recent achievement follows the team's Q4 2022 sale and financing of the Castle Hotel, Autograph Collection - a 213-key boutique hotel located on International Drive.

Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.

Prose Concord, was completed in 2022, and is located in close proximity to Atlanta

Jefferson, GA – Berkadia announces it has secured the $45 million loan for the acquisition of Prose Concord, a 300-unit multifamily community in Jefferson, Georgia. Managing Director Scott Wadler, Senior Director Matt Nihan, and Senior Managing Director Mitch Sinberg arranged the financing on behalf of the buyer, an affiliate of Beacon Real Estate Group, a commercial real estate firm based in Coral Gables, Florida. 

Freddie Mac provided the 10-year term loan, with five years of interest-only, and a fixed interest rate. 

“Prose Concord is a well-constructed, new vintage asset in a high growth submarket,” said Wadler. “We were primed to lock in attractive leverage and fixed-rate pricing for Beacon, relative to where interest rates had been at the beginning of 2023.”

Located at 575 Concord Road, Prose Concord was built in 2022 and offers one- and two-bedroom apartments that range from 836 square feet to 1,188 square feet. Individual units feature modern stainless steel appliances, kitchen islands, custom cabinetry with granite countertops, washers and dryers, wood-style flooring, walk-in closets and kitchen and linen pantries. Community amenities include a resort-style pool, a clubroom with a catering kitchen and an entertainment lounge, a business center with coworking spaces, landscaped courtyards, a concierge package locker system, a fitness center, an oversized pet park and Wi-Fi throughout social spaces. 

Located within an hour’s drive from Metro Atlanta and 30 minutes from Athens, Prose Concord provides quick access to the I-85 corridor, numerous employment destinations, the University of Georgia and the North Jefferson Business Park.

Tampa, Fla. – Berkadia announces it has arranged the refinancing of two properties in Florida: Gables at Honore in Sarasota, Fla., and Lodge at Woodlake in Lakeland, Fla. Senior Managing Director Mitch Sinberg, Managing Director Matt Robbins of Berkadia South Florida secured the financing for both properties on behalf of the owner Insula Companies, a boutique real estate investment company based in Sarasota, Florida.

A bank provided the $8.15 million, five-year, fixed-rate loan with three years of interest only for Gables at Honore, and Freddie Mac provided the $18 million, seven-year, fixed-rate loan, with five years of interest only for Lodge at Woodlake. 

“Insula’s continued capital improvement investment coupled with Central Florida’s strong rent growth, allowed them to refinance both properties with an attractive fixed rate debt,” said Robbins.

Built in 1993 and located at 3400 Tyne Lane, Gables at Honore is a 54-unit apartment community of two-, three- and four-bedroom apartment homes that range from 890 square feet to 1,320 square feet. Individual units feature vaulted ceilings, washer and dryer hook ups, ceiling fans, screened patios, backyards and one-car attached garages. Community amenities include a swimming pool with poolside hammocks, a grill and picnic area, a clubhouse, a business center, on-site maintenance and an outdoor activity area. Gables at Honore is close to Centergate Plaza, Urfer Family Park and the Sarasota–Bradenton International Airport. 

Lodge at Woodlake is a 188-unit apartment community, built in 1975 and located at 1475 Woodlake Drive. It offers one-, two-, and three-bedroom apartments that range from 935 square feet to 1,515 square feet. Individual units feature energy-efficient appliances, large walk-in closets, a breakfast bar and large screened patios. Community amenities include a resort-style swimming pool, fitness studio, laundry center, playground, bark park, clubhouse with coffee bar, and package receiving.

Berkadia announces it has arranged the sale and financing of Jupiter Isle Apartments, a 359-unit value-add, garden-style apartment community located in the northern Palm Beach County city of Jupiter, Fla. Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Director Omar Morales and Senior Analyst Jose Mota of Berkadia Miami, marketed the property on behalf of Northland. S2 Capital, a national value-add multifamily investor with more than $9 billion in transaction volume, acquired the property for an undisclosed amount.

Managing Director Nathan Stone, and Associate Directors Brad Mason and Guy Griffith, along with Analyst Heather Culver of Berkadia Dallas, secured financing on behalf of S2 Capital.

“Jupiter Isle is a well-kept apartment community ideally located in an affluent community east of I-95, less than a 30-minute drive from the booming West Palm Beach/Delray Beach markets,” said Turkell. “The new owner has the opportunity to elevate the property’s finishes to compete with newer product, in a climate in which multifamily fundamentals have never been stronger.”

"We are excited to invest in Jupiter Isle and believe the property represents a compelling investment for both the community and our investors," said Davey Leach, VP of Acquisitions at S2 Capital. "The county as a whole is enjoying growth, but with constrained supply and very limited new construction, the Jupiter submarket in particular offers tremendous opportunity to transform an older community into a market-leading option for its growing number of residents."

Located on 30 acres at 6705 Mallard Cove Road, Jupiter Isle Apartments is a Class B, two-story apartment complex built in 1984. It features one-and two-bedroom units, multiple swimming pools, and other outdoor amenities. Over the next two years, S2 expects to complete a $5 million plus renovation to enhance common areas and remodel unit interiors. Improvements will include exterior painting and balcony repair; renovation of the leasing center, fitness center, and gym; and interior unit upgrades including stainless steel appliances, hardware and countertop upgrades, and the installation of new floors and ceramic tile showers. The refurbishment will position the property for future buyers as a premium asset in a supply constrained market with exceptional demographics.

The property lies in the Jupiter/Palm Beach Gardens submarket of Palm Beach County, approximately 16 miles north of Palm Beach. It boasts convenient access to nearby jobs, retail establishments and entertainment, and is located 10 minutes from Jupiter’s beaches and 25 minutes from Palm Beach International Airport.