Berkadia Lends $39M on Jacksonville Luxury Apartments Recap
By Andrew Coen September 9, 2021 3:45 pm
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Rich Properties has nabbed a $38.76 million debt package for its recapitalization of a multifamily asset in Jacksonville, Fla., Commercial Observer has learned.
Berkadia confirmed Thursday that it originated the Fannie Mae (FNMA)-backed, 10-year loan with a fixed interest rate and four years of interest-only payments for Rich Properties’ The Solera at Kendall West, a 244-unit luxury apartment community built in 2020. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins, out of Berkadia’s Boca Raton office, secured the financing.
Located at 1462 Solera Terrace, The Solera at Kendall West comprises a mix of one-, two- and three-bedroom units. Amenities in the gated community include a tropical pool, 24-hour fitness center with aerobics room, pickleball courts, an athletic field, dog park and a barbecue/picnic area.
Monthly rents at the property range from $1,499 for one-bedroom units to $1,999 for three bedrooms, according to Apartments.com.
Port Saint Lucie, Fla.-based Rich Properties did not immediately respond to a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
