The Praedium Group acquired the 312-unit Gatehouse on the Green in Plantation
MIAMI (January 19, 2021) – Berkadia announces it has provided a loan for the acquisition of Gatehouse on the Green, a 312-unit value-add apartment community located in the Broward County city of Plantation, Fla. Senior Managing Director Charles J. Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged $47.78 million in financing through Fannie Mae for sponsor The Praedium Group to acquire the property.
It is a seven-year, fixed-rate loan, with five years interest only at a 65 percent LTV.
“The Gatehouse project is an extraordinary asset both in its physical design and exceptional location in Broward County,” said Foschini. “Fannie Mae recognized that with a highly structured loan containing both a favorable rate and extended interest only period.”
Located at 150 SW 91st Avenue, Gatehouse on the Green was built in 1991 and consists of 12 two-and three-story garden-style buildings on a 21.1-acre site, with 627 parking spaces. Buildings feature a mix of one-, two- and three-bedroom apartments ranging in size from 804 square feet to 1,225 square feet. Individual units offer nine-foot ceilings (vaulted ceilings on top floors), walk-in closets, full-size washer/dryer, and a balcony. Community amenities include two swimming pools, a wading pool, an outdoor grill area, indoor racquetball court, two lighted tennis courts, clubhouse with complimentary Wi-Fi, billiard room, valet trash and recycling, car wash area, carport parking, traffic-control gated entry, and views of the Jacaranda Golf Course and Country Club.
Gatehouse on the Green is ideally located just off of Broward Boulevard, within three miles of over seven million square feet of office space. The property is just a few minutes from Nova University, Sawgrass Mills Mall, Seminole Hard Rock Hotel and Casino, and Fort Lauderdale-Hollywood International Airport, and proximate to major employment centers in both Sunrise and Fort Lauderdale.