Berkadia Arranges Multifamily Deals in Gainesville, Boynton Beach
Berkadia officials note the greater population of Gainesville is forecast to grow 4.6% by 2022, reaching almost 300,000 residents, and point out that approximately 35% of metro Gainesville’s residents are in the prime renter age group of 18-35 years old.
BOYNTON BEACH, FL—Berkadia reports it has arranged acquisition financing for multifamily purchase transactions in Boynton Beach and Gainesville involving a total of 458 units.
Berkadia reports it has arranged $29 million in acquisition financing for Verona at Boynton Beach, a 216-unit multifamily asset formerly known as Aventine for Robbins Property Associates, a real estate investment and development firm based in Tampa and Boston. Freddie Mac originated the 10-year “Green” loan with a competitive floating rate spread over LIBOR, and seven years of interest only. Built in 2002, Verona at Boynton Beach is located at 1575 SW Eighth St.
Berkadia’s senior managing director Mitch Sinberg and associate director Matt Robbins of Berkadia South Florida, along with senior analyst Wesley Moczul of Berkadia’s Orlando office, arranged the loan on behalf of the buyer.
“Boynton Beach has become an attractive investment point that reflects the competitive atmosphere of South Florida’s multifamily market,” says Berkadia’s Robbins. “Even as interest rates continue to rise, investors are looking for opportunities where they can capitalize on consistent demand for rentals, notably in large metropolitan areas.”
In its second recent deal, Beachwold Residential, a real estate investment firm based in New York City, acquired Aviara, a 242-unit multifamily asset in Gainesville, with a $15.5-million acquisition loan arranged by Berkadia. Bank United originated the five-year acquisition loan on a 75% loan-to-cost basis. Aviara was built in 1972 and is located at 205 SE 16 Ave.
Berkadia’s South Florida team of senior managing director Charles Foschini and managing director Christopher Apone, along with John Reed of Berkadia’s Richmond, VA office, arranged the loan. Greg Rainey of Berkadia’s Jacksonville arranged the sale.
“Gainesville’s consistent apartment demand continually attracts investors that seek areas with proven fundamentals, including robust employment figures and a steady stream of residents,” says Foschini. “Demand drivers such as the University of Florida, Malcolm Randall VA Medical Center and UF Health – Shands Hospital create compelling investment opportunities in the area.”
Berkadia officials note the greater population of Gainesville is forecast to grow 4.6% by 2022, reaching almost 300,000 residents, and point out that approximately 35% of metro Gainesville’s residents are in the prime renter age group of 18-35 years old. They add those positive demographics are attracting national investors to Gainesville.