Berkadia Arranges $36M Refinancing of Class A 55+ Residential Community in Broward County
MIAMI, FL – December 20, 2023 – Berkadia announces it has arranged the refinancing of The Residences at Monterra Commons, a new Class A, 55+ active adult residential community with 175 units located in Cooper City, Florida. Senior Managing Director Charles J. Foschini, Managing Director Chris Apone and Vice President Lourdes Carranza-Alvarez of Berkadia South Florida secured a $36 million loan on behalf of the sponsor, Monterra MF, LLC. The transaction closed on December 14.
A major life company provided the 10-year, fixed-rate loan with full-term interest-only and a 60 percent loan-to-value ratio.
“In what has been a challenging capital markets environment on many levels, one lender distinguished themselves in providing a loan commitment while the asset was leasing up that included an extended interest only term, which enhanced the cash-on-cash return to the projects investors,” said Foschini. “Residences at Monterra Commons caters to a distinguished resident demographic with an outstanding average household income above $200,000. The below-average resident age combined with an impressive household income provides an asset whose resident base and amenity profile is almost indistinguishable from any other market rate luxury product.”
Built in 2022 and located at 3991 NW 82nd Avenue, The Residences at Monterra Commons is a four-story, garden-style property surrounding a resort-style pool on a 6.65-acre site. The property consists of 101 one-bedroom apartments averaging 859 square feet and 74 two-bedroom units averaging 1,271 square feet. Apartments feature luxury finishes such as Whirlpool French door refrigerators, energy-efficient Whirlpool stainless-steel appliances, ceramic-top oven with front controls, designer-tiled back splash and quartz countertops, European cabinetry, glass-enclosed showers, spa soaker tubs, Kohler plumbing features, elegant pendant lighting, Whirlpool full-size washers and dryers, walk-in closets, and keyless entry.
Amenities at the pet-friendly property include a business center, spinning and yoga center, his and hers sauna rooms, resort-style swimming pool with sundeck, over 25,000 square feet of community spaces, billiards and game room, state-of-the-art wellness center, two-story resident amenity clubhouse, private dining, theatre room, arts & crafts room, pet park, bocce and pickleball courts, and more. On-demand healthcare is also available in partnership with Baptist Health.
The Residences at Monterra Commons is conveniently located off University Drive and Stirling Road, just 15 minutes from the Fort Lauderdale-Hollywood International Airport and 25 minutes from downtown Fort Lauderdale. It is close to over 2 million square feet of retail amenities including the Shoppes at Monterra Commons, Pines City Center, Shops at Pembroke Gardens, Pembroke Lakes Mall, Pembroke Crossing, and Pines Boulevard Retail. Nearby hospitals include HCA Florida Westside, HCA Florida University, and Memorial West.
Berkadia Arranges $36M Refi for Miami-Area Senior Housing | Multi-Housing News