Berkadia Secures Approx. $100M in Financing for Advenir’s Acquisition of Two South Florida Multifamily Assets

10/9/17

Berkadia has secured $98.92 million in financing on behalf of Advenir, a real estate investment company based in Aventura, Florida, to acquire two large multifamily communities located in South Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone from Berkadia’s Miami office arranged the loans.

Advenir acquired Crown Pointe, a 360-unit apartment community located in the Broward County town of Coconut Creek, from Wood Partners on October 5, 2017 with a $52.32 million loan secured through Freddie Mac. The loan has a seven-year term, with three years of interest only, an aggressive rate, and a loan-to-value (LTV) of 80 percent.

Advenir also acquired Gateway Lakes, a 358-unit multifamily complex situated in the Gulf Coast town of Sarasota, from the same seller on October 5, 2017. The asset is backed by a $46.6 million loan, also through Freddie Mac, seven-year term with three years interest only, a competitive interest rate, and an LTV of 80 percent.

The deals rank among Advenir’s largest Florida transactions to date.

“Getting these properties approved by Freddie Mac’s Green Up® program was key to these transactions,” said Foschini. “With the value-add pricing bonuses we were able to create for the client on recent vintage assets, a win/win was structured. The residents win with lower bills and a sustainable quality of life, and the investor wins with a reduced debt cost that will super charge returns over the normalized pro forma.”

“Advenir is a phenomenal operator and has a great eye for value-add assets,” added Apone. “Though we had Hurricane Irma and some interest rate turbulence during the loan process, the borrower never flinched. Offering an index lock early in their due diligence allowed us to preserve an exceptional rate for the life of their hold period.”

Built in 1986, Crown Pointe is a 360-unit multifamily community located at 4142 Cocoplum Circle in Coconut Creek, Florida. The community features a suite of amenities that includes a clubhouse, fitness center, two swimming pools with spa, and a 625-seat performing arts center. One-, two-, and three-bedroom units feature vinyl wood flooring, vaulted ceilings, dishwashers, new plumbing and electrical fixtures and stainless steel appliances.

Built in 1996, Gateway Lakes is a 358-unit apartment community situated at 1000 Marlin Lakes Circle in Sarasota, Florida. The amenities at Gateway Lakes include a newly redesigned clubhouse, 24-hour state-of-the-art fitness center, pool area with sundeck and high speed internet. One-, two-, and three-bedroom units offer stainless steel appliances, faux wood flooring throughout, and upgraded kitchen countertops, cabinets and hardware.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

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