Port St. Lucie, Fla. (April 1, 2020) – Berkadia announces it has secured the $24.536 million refinancing of a construction take-out loan for Torino Lakes Townhomes, a Class A multifamily community in Port St. Lucie, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins arranged the refinancing on behalf of Rich Properties, a real estate investment, management and development firm based in Port St. Lucie.
Berkadia originated and Fannie Mae purchased the 10-year, fixed rate loan with interest only for part of the term.
“Port St. Lucie’s escalating population growth will require additional housing infrastructure which is satisfied by products like Torino Lakes,” said Sinberg. “Having successfully completed another asset in this burgeoning community, the sponsor’s ability to secure refinancing is a testament to their track record of development throughout Florida.”
Built in 2019, Torino Lakes Townhomes is located at 5511 NW Sandhill Trail. Two- and three-bedroom units include hardwood floors, walk-in closets, granite countertops, stainless steel appliances, island kitchen, dishwasher, disposal and range. Community amenities feature a fitness center, swimming pool, spa, playground, clubhouse, walking/biking trails and media center with movie theater.
Growing about 3 percent each year since 2015, Port St. Lucie continues its positive trajectory due to rising costs attributed in neighboring Palm Beach County, with the increase of younger families and baby boomers supporting its population growth. With the city’s cost of living below the national average, Port St. Lucie has also been rated as one of the safest in the U.S. and one of the best places to retire.