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You are here: Home / Commercial Real Estate & Developers / Berkadia Scores $13.57MM Loan for Gulf Coast Apartments

Berkadia Scores $13.57MM Loan for Gulf Coast Apartments

April 11, 2019 by Post

Berkadia arranged the refinancing of Promenade at Edgewater

Dunedin, Fla. (April 11, 2019) – Berkadia announces it has arranged a $13.57 million recapitalization of Promenade at Edgewater, a 188-unit multifamily property in the Gulf Coast community of Dunedin, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the loan on behalf of the buyer, Pensam Capital.
Freddie Mac provided the 10-year, fixed-rate loan, with full term interest only.
“This was an asset that Freddie Mac and our team knew well, having financed it on Pensam’s acquisition some time ago,” said Foschini. “Working together we were able to transition the loan to one that was both exceptional in its terms, being interest only for the entire loan, and a compelling leverage to Freddie Mac given the amount of value unlocked by Pensam during their ownership of the property. With a long-term view, Pensam index locked at an opportune time in the market and provided strong cash-on-cash yield to its investors.”
Located at 257 Milwaukee Avenue, Promenade at Edgewater (formerly Lo Garto Apartments), was built in 1973 and consists of six two-story and three-story buildings and a single-story clubhouse on 13 acres of land. One- and two-bedroom apartments range from 728 square feet to 1,050 square feet, and all have central heat and air. Property amenities include a swimming pool, six on-site laundry facilities, a fitness center, designated dog walking area, picnic areas with grills and scenic lake views.
Promenade at Edgewater is conveniently located close to Clearwater Beach and St. Petersburg, 20 minutes from the St. Petersburg-Clearwater International Airport, and 30 minutes from the Westshore Business District, Tampa’s largest employment center.
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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.

© 2019 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.

This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. # 01931050.

For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx

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Filed Under: Commercial Real Estate & Developers, Residential Real Estate & Developers

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