Mesa West Loans $135M For Berkshire Purchase in Jupiter
Mesa West Capital lent $135 million for Berkshire Residential Investments’ purchase of a multifamily complex in Jupiter, Fla., the lender announced.
Last month, Berkshire bought The Sophia at Abacoa for $202.5 million — $114.5 million more than the previous owners, Heitman America Real Estate, paid in 2015.
Built in 2002, the garden-style property holds 390 units, of which 98 percent are leased, per Mesa West Capital.
As part of the sale, Berkshire agreed to not convert the complex into condominium units. Monthly rental rates range between $2,315 and $3,898, according to Apartments.com.
“Many firms, particularly those in the financial services industry, have flocked recently to Palm Beach from the Northeast, creating thousands of new jobs,” Mesa West Capital Executive Director Russell Frahm said in a statement. “As a result, apartment demand has surged.”
The two-building complex, located at 803 Promenade Way and 803 University Boulevard, are less than a mile from Roger Dean Stadium, which functions as the spring training facility for the Miami Marlins and St. Louis Cardinals.
Matt Williams and James Maynard of Newmark arranged the financing. The legal team, led by Mark Osher, Eric Steiglitz, and Zak Baron from Gibson, Dunn & Crutcher, represented Mesa West Capital. Cara Nelson and Oriana Montani of DLA Piper represented Berkshire, which is based in Boston.
Julia Echikson can be reached at firstname.lastname@example.org.
Correction: Berkshire is not the real estate investment arm of Warren Buffet’s conglomerate, as previously reported.