Berkadia Arranges $38.55M Refinancing for Tennis Towers Apartments in West Palm Beach, Florida
West Palm Beach, Florida – September 9, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that it secured $38.55 million in refinancing for Tennis Towers Apartments, a 306-unit multifamily community in West Palm Beach that has been owned and operated by Rich Properties for more than 35 years.
Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Matthew Robbins, and Brad Williamson, and Director Jared Hill of Berkadia Miami and Boca Raton arranged the financing on behalf of sponsor, Rich Properties, in a transaction that closed on August 31.
Berkadia originated the Freddie Mac-backed, seven-year, fixed-rate loan, which includes four years of interest-only payments.
“West Palm Beach has undergone a remarkable transformation, attracting significant corporate investment, new employers and residents, and that growth continues to drive demand for rental housing across the market,” said Sinberg. “Tennis Towers is somewhat unique in that landscape. It is a well-established community that has been owned by Rich Properties since it was developed more than 35 years ago and continues to offer a broad range of apartment sizes and price points. This financing provides additional flexibility for a longtime owner while positioning the asset for its next chapter.”
Built in 1990, Tennis Towers was the first multifamily community developed by Rich Properties, which has since grown into an active developer, owner and operator of multifamily communities throughout Florida. West Palm Beach’s population has grown more than 8% since 2020, while a wave of new development and corporate relocations has accelerated the transformation of downtown West Palm Beach into a major South Florida business center.
Located at 2882 Tennis Club Drive near Okeechobee Boulevard and I-95, Tennis Towers offers a mix of studio, one-, two- and three-bedroom residences ranging from approximately 600 to 1,750 square feet. Community amenities include a tropical swimming pool and sundeck, heated spa, 24-hour fitness center, three tennis courts, BBQ and picnic areas and a car wash area.
Tennis Towers provides convenient access to downtown West Palm Beach, CityPlace, Clematis Street and the Brightline station and is approximately 11 minutes from Palm Beach International Airport. The community is also near major employment, healthcare and educational destinations, including Good Samaritan Medical Center and Palm Beach Atlantic University.