July 2, 2020
Berkadia has secured $7.5 million in financing for the recapitalization of Lakeshore Club, a 50-unit, mid-rise apartment community in Winter Haven.
Located at 1300 S Lake Howard Drive, Lakeshore Club is a five-story mid-rise apartment property built in 1985 and featuring one-, two- and three-bedroom units averaging 1,225 square feet. Community amenities include a fitness center, pool, clubhouse and nearly 90 parking spots.
Charles Foschini and Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of borrower Westside Capital Group, which acquired the property in 2017. Berkadia originated and Fannie Mae purchased the 10-year, fixed-rate loan with partial interest only payments.
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