June 8, 2020
Berkadia has secured a $6.8 million acquisition loan for a two-property, 52-unit multifamily portfolio in Boca Raton. The total sales price was $9 million.
Located in East Boca Raton, the portfolio consists of Villas at Camino, a 28-unit community located at 329 West Camino Real that was built in 1958 and 1968, as well as the Southwest 14th and 15th Street portfolio, a 24-unit community built between 1966 and 1974. Amenities include a pool with a covered cabana and two laundry facilities.
Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton office secured the financing on behalf of Rental Asset Management (RAM), a Fort Lauderdale-based multifamily owner-operator. A bridge lender provided the fixed-rate, three-year loan. Proceeds of the financing will allow the sponsor to execute renovations and stabilize the asset, which was unoccupied at the time of closing.
Joseph Thomas, Adam Duncan and Tyler Carbonelli of Marcus & Millichap’s Fort Lauderdale office represented the seller, a limited liability company, in the transaction.
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