Berkadia Lends $39M on Jacksonville Luxury Apartments Recap

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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-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.

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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.