November 29, 2020
Berkadia has secured a $20.6 million loan for the acquisition of Wild Pines of Naples, a 200-unit multifamily property in Naples, FLA.
Located at 2580 Wild Pines Lane, the property was built in two phases in 1968/1986 and 2001. Phase I consists of 96 market-rate units in 12 one- and two-story buildings and Phase II added 104-rent/income-restricted units (maximum 60% of AMI) in 7 two-story buildings. The income-restricted units will remain affordable until 2031. Both phases feature one-bedroom floor plans averaging 600 square feet. Community amenities include two pools, two laundry rooms, a clubhouse with business center and leasing office, gym and picnic area.
Mitch Sinberg and Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of New York-based GMF Capital. Berkadia originated, and Freddie Mac purchased, the 15-year, fixed-rate loan with 10 years of interest-only payments.
For comments, questions or concerns, please contact David Cohen