Wild Pines of Naples has 96 market-rate and 104 income-restricted apartments
Naples, Fla. (November 13, 2020) – Berkadia announces it has secured a $20.62 million loan for the acquisition Wild Pines of Naples, a 200-unit multifamily property with a mix of market-rate and income-restricted apartments located in the affluent Naples, Florida market. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of GMF Capital of New York, New York.
Berkadia originated, and Freddie Mac purchased, the 15-year, fixed-rate loan with 10 years interest only.
“Wild Pines of Naples presented an unusual opportunity to acquire a core Naples property with both market rate and income-restricted units,” said Sinberg. “Because there is a dearth of affordable product and a considerable amount of luxury rental product in this region, this was a tremendous value-add opportunity for GMF to achieve appreciation at well below replacement cost.”
Located at 2580 Wild Pines Lane, Wild Pines of Naples was built in two phases in 1968/1986 and 2001, respectively. Phase I consists of 96 market-rate units in 12 one- and two-story buildings and Phase II added 104-rent/income-restricted units (maximum 60% of AMI) in 7 two-story buildings. The income-restricted units will remain affordable until 2031.
Both phases feature nearly identical one-bedroom floor plans averaging 600 square feet. Community amenities include two pools, two laundry rooms, a clubhouse with business center and leasing office, gym, and picnic area, all of which were recently renovated.
The property is located just 1.6 miles from downtown historic Naples, offering excellent accessibility to employment centers and retail destinations in the region. Located within five miles of the property are a Publix, Coastland Center Mall, Lorenzo Walker Technical College, Naples Zoo, Naples Botanical Gardens and the NHC Healthcare System, along with Naples beaches.
Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land which could be used to add more units or provide additional community amenities.