Berkadia has arranged $36.7 million in acquisition and refinancing loans covering three multifamily properties across Florida, two in Miami-Dade County and one in Pasco County, all financed on behalf of Rental Asset Management. The deals span a newly built 54-unit development in Hialeah comprising four neighboring buildings, a six-decade-old apartment building near Miami International Airport, and a multifamily community in New Port Richey.
Hialeah's New 54-Unit Development Gets Acquisition Financing
According to Florida YIMBY, Berkadia arranged acquisition financing for RAM Four Hialeah, a newly constructed 54-unit development comprising four neighboring buildings at 853, 859, 879, and 909 East 24th Street in Hialeah. The property offers one- and two-bedroom apartments, and the transaction closed on August 28. Berkadia originated a $10.28 million Fannie Mae loan for the acquisition, secured at a 56 percent loan-to-value ratio with full-term interest-only payments, a five-year fixed-rate term, and a 30-year amortization schedule.
That same stretch of East 24th Street has drawn other financing scrutiny recently. In September, lenders filed a $31 million foreclosure lawsuit against developer MG Developer over alleged defaults on construction debt for Metro Parc South, a 347-unit project on the same corridor, as Hoodline's earlier foreclosure coverage detailed. RAM has deep roots in the neighborhood, having previously acquired Station 21 Lofts, a 102-unit property at 102 East 21st Street, for $27.5 million back in April 2023, according to The Real Deal.
A 1964 Miami Springs Building Refinanced Near the Airport
The second Miami-Dade deal involved The Devonshire, a 36-unit apartment community at 401-451 Crescent Drive in Miami Springs, built in 1964 and situated near Miami International Airport. Berkadia originated a $3.24 million Freddie Mac-backed refinancing loan for the property, secured at a 39 percent loan-to-value ratio with full-term interest-only payments, a five-year fixed-rate term, and a 30-year amortization schedule. The refinancing closed on September 10.
The Devonshire and Summer Lake Villas both received Freddie Mac-backed refinancing loans in the transactions.
Pasco County's Summer Lake Villas Gets a Freddie Mac Refi
In Pasco County, Berkadia arranged refinancing for Summer Lake Villas, a multifamily community at 4331 Fiji Drive in New Port Richey built in 2003. The property features residences ranging from one to five bedrooms along with a swimming pool, fitness center, clubhouse, walking paths, and landscaped courtyards. Berkadia originated a $23.211 million Freddie Mac refinancing loan for the property, secured at a 60 percent loan-to-value ratio with three years of interest-only payments, a five-year fixed-rate term, and a 35-year amortization schedule. The transaction closed on September 30.
Summer Lake Villas offers one- to five-bedroom residences, a swimming pool, fitness center, clubhouse, walking paths, and landscaped courtyards.
Berkadia's Boca Raton Team and RAM's Growing Playbook
The financing was arranged through Berkadia's Boca Raton office and originated through Fannie Mae and Freddie Mac. Berkadia Managing Director Matthew Robbins, Vice President Hugo Hernandez, Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Scott Wadler worked on the transactions, continuing Berkadia's existing relationship with Rental Asset Management. “RAM continues to strategically grow and strengthen its multifamily portfolio, and these three transactions demonstrate the range of financing options available to well-capitalized, experienced operators,” Robbins said, per the same report.
Rental Asset Management is a Lauderdale, Florida-based multifamily owner and operator whose portfolio now encompasses more than 3,000 residential units across 50 properties throughout the state. The firm is led by German Guzman and Axel Jordan.
