May 15, 2019
Berkadia arranged a total of $323 million in refinancing for a 13-property multifamily portfolio with 3,911 units throughout the Midwest and Southeast U.S. Mitch Sinberg, Matt Robbins and Jared Hill arranged the loans on behalf of STAR Real Estate Ventures, a JV between El-Ad National Properties and Yellowstone Portfolio Trust.
Berkadia originated a seven-year, fixed rate loan for each property with a highly-competitive spread and Freddie Mac purchased the loans.
“The portfolio represents a diverse set of properties that have stabilized under the sponsor’s ownership after a number of years,” said Sinberg.
The properties in the portfolio include:
– Tuscany Pointe Boca, 180 units at 23126 Post Gardens Way in Boca Raton, FL
– Savannah Place Apartments, 190 units at 22356 Calibre Court in Boca Raton, FL
– Melrose on the Bay Apartments, 358 units at 16321 Bolesta Rd. in Clearwater, FL (pictured)
– Park at Northside, 192 units at 3876 Northside Dr. in Macon, GA
– Rivoli Run, 188 units at 200 Charter Lane in Macon, GA
– The Manchester at Wesleyan, 328 units at 1665 Wesleyan Dr. in Macon, GA
– The Grove at Stonebrook, 188 units at 1405 Beaver Ruin Rd. in Norcross, GA
– Traditions at Augusta Apartments, 256 units at 3722 Walton Way Extension in Augusta GA
– Verandas on the Green, 222 units at 101 Fairway Ridge in Aiken, SC
– Summerlin at Concord, 160 units at 500 Summerlake Dr. Southwest in Concord, NC
– Avalon at Northbrook, 256 units at 10230 Avalon Way in Fort Wayne, IN
– Windsor Lakes, 762 units at 7499 Woodward Ave. in Woodridge, IL
– Legacy of Cedar Hill, 600 units at 720 North Joe Wilson Rd. in Cedar Hill, TX
Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser