Berkadia Arranges $42.5M Debt & Equity Refinancing of Apartments in Panama City Beach, Florida
PANAMA CITY BEACH, Fla. – February 13, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged a total of $42.5 million in debt and equity to refinance Exchange at the Beach, a 232-unit multifamily apartment community located in the Panama City Beach, Florida neighborhood of Upper Grand Lagoon.
Senior Managing Director Mitch Sinberg, and Managing Directors Scott Wadler, Brad Williamson and Matt Robbins of Berkadia Miami arranged the refinancing on behalf of the sponsor, JSB Capital.
Berkadia originated a $29.024 million Freddie Mac-backed five-year, fixed-rate loan, and secured $13.526 million in preferred equity. The transaction closed on February 5, 2026.
“In a capital markets environment where traditional equity has been more selective, this transaction required a creative, well-balanced approach,” said Robbins. “By pairing long-term, fixed-rate Freddie Mac debt with preferred equity, we were able to bridge the equity gap and deliver a capital stack that preserved the sponsor’s business plan, enhanced flexibility and positioned the asset for long-term stability.”
Built in 2022, Exchange at the Beach offers one- and two-bedroom apartment homes featuring hardwood flooring, high ceilings, stainless-steel appliances, in-unit washers and dryers, walk-in closets, air conditioning, and private patios or balconies. Community amenities include a clubhouse with coffee bar, business center with iMacs, games area, 24-hour fitness center with Fitness On Demand, a swimming pool with a veranda and TV area, outdoor BBQ and grilling stations, an outdoor fireplace, free Wi-Fi, and a pet-friendly environment complete with a dedicated dog park.
Located at 2200 Thomas Drive, the property’s location provides residents with connectivity to a variety of recreational, retail and entertainment destinations throughout Florida’s Gulf Coast. The area offers convenient access to St. Andrews Bay and the Gulf of Mexico, as well as nearby parks, marinas and attractions, including St. Andrews State Park.