October 8, 2019
Berkadia arranged the sale and financing of Vantage at Panama City Beach, a newly-built, 288-unit garden-style multifamily community in Panama City Beach. The sales price was undisclosed.
Located at 7150 Highway 98, the property was built in 2018 and consists of one-, two- and three-bedroom units in three-story buildings located on a 20-acre lot. The gated community, which is located three miles from the beach, includes resort-style amenities such as a clubhouse, business center, covered pool lounge, outdoor grills, large and small breed dog parks, dog wash facilities and a 24-hour fitness center.
David Etchison of Berkadia’s Birmingham office represented the undisclosed seller in the transaction. Additionally, Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton office secured $42.6 million in acquisition financing on behalf of the buyer, Cardone Capital. Terms of the Freddie Mac financing included a 10-year, fixed-rate loan with five years of interest only payments.
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Tags: Apartments & Multifamily