Berkadia Secures $21.15M in Bridge Loan for Acquisition of a Two-Property Multifamily Portfolio in Jacksonville, Florida
Jacksonville, Fla. – March 5, 2024 – Berkadia announced today that it has secured financing for the acquisition of Colonial Forest and Northwood Apartments, two garden-style multifamily properties with a combined 328 units located in Jacksonville, Florida. Managing Director Matthew Robbins and Associate Director Wesley Moczul, along with Senior Managing Director Mitch Sinberg and Managing Directors Scott Wadler and Brad Williamson of Berkadia South Florida secured a $21.15 million bridge loan through The Bancorp on behalf of the buyer, Fort Lauderdale-based Southeast Property Group, a leading multifamily owner and operator in Florida. The deal closed on March 1.
“The deals are being purchased in a distressed state and offer tremendous upside and operational potential,” said Robbins. “The sponsor will be investing significant money on capital improvements to completely reposition and rebrand the assets.”
The fixed-rate, three-year loan includes $9.6 million for future capital expenditures.
Built in 1969, Colonial Forest is located at 5928 Firestone Road. The gated community offers one-, two-, and three-bedroom homes for rent that feature fully equipped kitchens, large walk-in closets, ceiling fans, ceramic tile, and private patios/balconies. The community also features amenities such as a swimming pool, picnic area, playground, laundry facility, and carports. Residents are afforded convenient access to I-295, Publix, Winn-Dixie, Orange Creek Mall, and Gators Dockside.
Built in 1975, Northwood Apartments is located at 1601 Dunn Avenue, just north of Downtown Jacksonville. The property features one-, two-, and three-bedroom apartments with new appliances and cabinetry, walk-in closets, fully equipped kitchens, and more. The community offers amenities such as a swimming pool, an on-site clothing care center, and complimentary parking. Residents are afforded convenient access to St. John’s Town Center, Riverside Arts Market, Jacksonville Zoo, and more.