Berkadia Secures $73M to Refinance Two Jacksonville, Florida Multifamily Properties Owned by R.O.I. Capital
Jacksonville, Florida – October 3, 2024 – Berkadia announced today the refinancing of two garden-style multifamily properties, The Village at San Jose and The Villas at Ortega, both located in Jacksonville, Florida. Managing Director Brad Williamson of Berkadia Miami and Associate Director Wesley Moczul of Berkadia Orlando, along with Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Scott Wadler, secured the loans on behalf of the sponsor, R.O.I. Capital, a real estate investment firm.
Berkadia secured $19.9 million to refinance the 200-unit The Village at San Jose, and $53 million to refinance the 444-unit The Villas at Ortega.
Berkadia originated, and Freddie Mac purchased, the five-year, fixed-rate loans, through its Green Advantage program. Both loans have a 35-year amortization schedule and partial interest-only.
“Both loan executions represent an accretive refinance that allowed the sponsor to pay off their existing floating-rate bridge loans with Freddie Mac senior loans,” explained Williamson. “This successful refinancing strengthens the foundation for continued growth and stability of both properties, ensuring favorable cash flow and long-term viability for the sponsor’s ongoing business strategy.”
Built in 1948 and located at 5551 Auburn Road, The Village at San Jose is a garden-style multifamily community that was renovated between 2021 and 2023. The property consists of 30 two-story residential buildings with one- and two-bedroom units. Built in 1972 and located at 5327 Timuquana Road, The Villas at Ortega is a garden-style multifamily community consisting of 62 one and two-story residential buildings.
Both pet-friendly properties feature renovated units with stainless steel appliances, ceiling fans, patio or balconies, walk-in closets, washer/dryer hooks, and more. Community amenities include swimming pools, a playground, bark park, exterior gym and covered parking. The properties are located minutes from Downtown Jacksonville’s shopping, dining, and entertainment options.
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