Case Study: Brittany Bay Apartments – Affordable Housing

Brittany Bay Apartments
CLIENT STORY: Affordable Housing

brittany bay apartments site plan

Property Info

Property Type: Affordable Housing
Date Closed: 10/26/2022
City, State: Naples, Florida
Lender: Freddie Mac and Berkadia
Loan Amount: $67M
Purpose: Acquisition
Units: 392
LTV: 75%

Property Objectives

Naples, Florida is known for its white-sand beaches, a multitude of golf courses and expensive homes. It’s considered a High Opportunity Area, with access to jobs and community amenities that can provide economic mobility for residents. It is severely lacking quality rental housing that low-income families can afford.     

Berkadia Solution

We partnered with Freddie Mac and Spira Equity Partners for over a year to help rehabilitate and preserve 392 units of affordable housing for the residents of Brittany Bay Apartments. This property has the most units of any deal Freddie Mac has done in a High Opportunity Area. All units are restricted by income level. 

Because of the magnitude of the deal, Spira separated the project into two phases resulting in two separate bond issuances from two separate issuers. By using Freddie Mac’s bridge to TEL products, we were able to implement a seamless financing strategy and close both deals within 12 months of initial acquisition. 

Client Results

Of the units, 100% are restricted for low-income residents, and nearly 30% for very low-income residents. Rents will be nearly 50% below market rate. In Phase 2, 100% of units are restricted with 85% at 60% average median income (AMI) and 15% at 25% AMI. To keep construction cost-effective, levels of prefab steel modular units will be constructed off-site.  Amenities in the housing, which is fully compliant with the Americans with Disabilities Act, will include a business center, a game/media room and an activities room. Units will have a patio or balcony, and the supportive housing units will be partly furnished. 

Mortgage Banking


Managing Director

Berkadia Affordable Housing

Partnering with Berkadia Affordable Housing comes with our promise to provide clear and steady guidance from start to finish. Whether you’re looking to preserve and enhance existing affordable homes or create beautiful new properties, we look forward to partnering with you on this vital mission.

Learn more about Berkadia Affordable Housing.



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