Delray Beach, Fla. (April 30, 2021) – Berkadia announces it has arranged $37 million in refinancing for The Enclave at Delray Beach, a 224-unit garden style apartment community in Delray Beach, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured the financing on behalf of MSP Enterprises.
John Hancock, a life correspondent company, originated the 10-year, fixed rate full term interest loan with a 67% LTC.
“South Florida’s multifamily market continues to strengthen with continued in-migration and a relatively low cost of living,” said Foschini. “With low interest rates and a rallying workforce that will further support demand, the property’s dynamics and market fundamentals made it a solid investment opportunity for the borrower to retain in its portfolio. While always a formidable choice, not every transaction is best suited to an agency execution. By running a full and exclusive process, we were able to generate multiple options for this borrower and fully exploit movements in the market to their benefit. Working collaboratively, we were able to secure a quote from our correspondent life company that not only allowed us to lock rate at application, but at an ideal time in the market resulting in an outsized benefit in rate and interest only over every other interested lender.”
Built in 2000, The Enclave at Delray Beach is located at 14768 Enclave Lakes Dr. One, two- and three-bedroom units include mosaic tile backsplashes, large walk-in closets and a private balcony/patio. Community amenities feature a tennis court, an executive business center, two community lakes and gated entry.
The property is conveniently situated near multiple thoroughfares and recreational amenities. Interstate 95 is under 10 minutes away, with the Delaire Country Club, Morikami Museum and Japanese Gardens and Bocaire Country Club about 10 minutes away from the community.