Brittany Bay Apartments

Case Study: Affordable Housing

Property Info

Property Type: Affordable Housing
Date Closed: October 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

Fred Dockweiler

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.

Learn More

Client Stories


Berkadia is dedicated to leading the digital transformation of commercial real estate with investments in technology like Esusu, a rent-reporting platform created to build tenants’ credit. Multifamily property owners who implement Esusu can decrease evictions and vacancies and maximize NOI. As partners, Berkadia borrowers may receive closing cost credits and discounted rates.


As Freddie Mac’s #1 Optigo® Lender and Fannie Mae’s #2 DUS Producer, Berkadia Small Loans is skilled in navigating GSE programs to find the best loan executions for our clients. Though the lending landscape continues to evolve, agency small loan executions remain one of the best options for investors who recognize the value of optionality and take advantage of rate locking.

Credit facility executions allow borrowers to arrange flexible financing terms for a portfolio of properties on a cross-collateralized and cross-defaulted basis, with property addition, property release, property substitution, and borrow-up capabilities for all asset classes. Kairos Investment Management Company and Berkadia secured a $175 million credit facility backed by Fannie Mae.

We recently partnered with Freddie Mac and Spira Equity Partners to help rehabilitate and preserve 392 units of affordable housing for the residents of Brittany Bay Apartments. Brittany Bay has the most units of any community in a High Opportunity Area that Freddie Mac has financed.

The Fairfield Affordable Housing Preservation Fund is focused on acquiring rent and income-regulated affordable housing assets in markets throughout the U.S. The Fund is Fairfield’s first affordable housing-focused investment vehicle open to third party investors and will leverage Fairfield’s 20-year history of investing and managing LIHTC multifamily assets. 

A lot with a vacant commercial building that’s fallen into disuse has been transformed into new housing for Los Angeles’ homeless community by development company and Berkadia partner, Aedis Real Estate Group. Berkadia originated $50 million in Freddie Mac’s TEL forward commitments that will finance Hope at Avalon, as well as two sister projects Hope on Broadway and Hope on Hyde Park.

JASA is a longtime Berkadia client and non-profit organization committed to the safety, health, and well-being of seniors. Recently, Berkadia financed $46M+ in loans for two JASA properties under the HUD 223(f) program. In addition to repairs and upgrades, the higher leveraged, low interest rate loans enabled JASA to allocate funds to programs benefiting their residents.


Access the latest market-driven insights, research and news from Berkadia.


Eight-Property Portfolio, South Carolina | Sold by Berkadia 2024

Read More

Berkadia’s David Fasano Adds Industry Insight to NIC’s Q1 Data Release 

Read More

Seniors Housing Research: Q1 2024 Report Card

Read More

Christian Overton, Hotels & Hospitality | Hired by Berkadia 2024

Read More