January 21, 2020
Berkadia has arranged $21.5 million in acquisition financing for Charter Landing Apartments, a 332-unit multifamily community in Jacksonville. Brad Williamson of Berkadia’s Miami office secured the loan on behalf of Savlan Capital, a Hollywood, FL-based real estate investment firm. Savlan acquired the community for $28 million.
Built in 1975, the community is located at 5885 Edenfield Rd., and consists of one, two and three-bedroom units. Community amenities include two tennis courts, two swimming pools, a 24-hour fitness center, playground and package service. Savlan plans to invest $4.3 million in capital improvements at the property.
A regional bank provided the five-year, non-recourse, 3.75% fixed-rate loan with two years of interest-only payments.
UrbanX Group’s Andrew Hellinger has been announced as a speaker for Connect South Florida on Feb. 26, 2020. For more information, or to register, click here.
For comments, questions or concerns, please contact David Cohen