Berkadia arranged a $44.32 million loan for the acquisition of Vista Verde at Westchester, a 302-unit garden-style multifamily community located in the Westchester area of Miami, Florida. Managing Director Charles Foschini, Director Christopher Apone and Senior Analyst Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s South Florida office secured the loan on behalf of Advenir.
Freddie Mac provided the 11-year, fixed-rate loan with six years interest only.
"This asset is a quintessential Advenir deal," commented Foschini. "Exceptional location, great demographics and a fundamentally strong asset that needed a modernization to reflect the demands of today’s tenants. Though just under 90% occupied at close, we were able to get the exemptions necessary to close a 10-year fixed rate loan at very favorable terms with Freddie Mac."
Located at 10491 SW 14th Terrace, Vista Verde was built in 1993 and is located within a five-minute walk of Florida International University, one of the largest universities in the United States with over 55,000 students. The property comprises 10 two- and three-story buildings, with an average apartment size of 751 square feet.
More than half of the units in the property have undergone partial or full renovations since 2013. Community amenities include a pool and sundeck with Wi-Fi connectivity, a fitness center, tot lot, barbecue grill and picnic area, and gated entry with security. The property is conveniently located closed to Miami International Airport, the Florida Turnpike and Dolphin Expressway, and a plethora of Miami's largest employers.
Occupancy at the time of sale was 88%, with average rents of $1666 per month.
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.
