MIAMI (May 14, 2019) – Berkadia announces it has arranged a total of $323 million in refinancing for a 13-property multifamily portfolio with 3,911 units throughout the Midwest and Southeast U.S. Senior Managing Director Mitch Sinberg, Associate Director Matt Robbins and Director of Operations Jared Hill of Berkadia’s Boca Raton office arranged the loans on behalf of STAR Real Estate Ventures, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust.
Berkadia originated and Freddie Mac purchased a 7-year, fixed rate loan for each property with a highly competitive spread.
“The portfolio represents a diverse set of properties that have stabilized under the sponsor’s ownership after a number of years,” said Sinberg. “With interest rates remaining unchanged and secondary and tertiary markets producing a disproportionate share of population and economic growth, the opportunity to hold these properties was a compelling one.”
“The strength and quality of this portfolio are a testament to Star’s commitment to the highest standards,” added Issac Hera, CEO of STAR Real Estate Ventures. “We are excited to expand our relationship both with Freddie Mac and Berkadia, and would like to thank Mitch and his team.”
The properties in the portfolio include:
- Tuscany Pointe Boca, located at 23126 Post Gardens Way in Boca Raton, Florida. Built in 1989, the 180-unit community offers studio, one- and two-bedroom apartments.
- Savannah Place Apartments, situated at 22356 Calibre Court in Boca Raton, Florida. Built in 1988 and renovated in 2006, the 190-unit community features one- and two-bedroom apartments.
- Melrose on the Bay Apartments, located at 16321 Bolesta Road in Clearwater, Florida. Built in 1986, the 358-unit community offers one-, two-, and three-bedroom apartments.
- Park at Northside, situated at 3876 Northside Drive in Macon, Georgia. Built in 1972, the 192-unit community features one-, two- and three-bedroom apartments.
- Rivoli Run, located at 200 Charter Lane in Macon, Georgia. Built in 1996, the 188-unit community offers one-, two- and three-bedroom apartments.
- The Manchester at Wesleyan, situated at 1665 Wesleyan Drive in Macon, Georgia. Built in 1996, the 328-unit community is features one-, two- and three-bedroom apartments.
- The Grove at Stonebrook, located at 1405 Beaver Ruin Road in Norcross, Georgia. Built in 1986, the 188-unit community offers one- and two-bedroom apartments.
- Traditions at Augusta Apartments, situated at 3722 Walton Way Extension in Augusta Georgia. Built in 1976 and renovated in 2006, the 256-units community features one- and two-bedroom apartments.
- Verandas on the Green, located at 101 Fairway Ridge in Aiken, South Carolina. Built in 1985, the 222-unit offers one-bedroom apartments.
- Summerlin at Concord, situated at 500 Summerlake Drive Southwest in Concord, North Carolina. Built in 1985, the 160-unit community features one-, two- and three-bedroom apartments.
- Avalon at Northbrook, located at 10230 Avalon Way in Fort Wayne, Indiana. Built in 1999, the 256-unit community offers one-, two- and three-bedroom units.
- Windsor Lakes, situated at 7499 Woodward Avenue in Woodridge, Illinois. Built in 1974 and renovated in 2003, the 762-unit community features studio, one- and two-bedroom apartments.
- Legacy of Cedar Hill, situated at 720 North Joe Wilson Road in Cedar Hill, Texas. Built in 2000, the 600-unit community offers one-, two- and three-bedroom apartments.