Goldman Sachs Makes $97M in Construction Financing for Palmetto Apartment Development

The Carlton at Robinson Gateway will be a 610-unit apartment community near Sarasota, Fla.

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The Mahaffey Apartment Company has secured $97 million in construction financing to build The Carlton at Robinson Gateway, a 610-unit apartment community in Palmetto, Fla., Commercial Observer has learned. 

Goldman Sachs (GS) provided the financing, while Berkadia South Florida’s team of Mitch Sinberg, Bryan Brown, Matthew Robbins, Scott Wadler and Bradley Williamson arranged the deal on behalf of the sponsor. 

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Austin Everett, chief financial officer of Mahaffey, said in a statement that his firm is “extremely excited” to bring the firm’s Carlton brand to the “high growth area of North Manatee County.” 

Sitting on a 40-acre site about a half mile from I-75 in the city of Palmetto, a hamlet roughly 30 minutes north of Sarasota and 45 minutes south of Tampa, The Carlton at Robinson Gateway is part of Manatee County’s Development of Regional Impact, which aims to redevelop 288 acres of land on Moccasin Wallow Road off US-41. The development of the Bay Care Hospital is scheduled to be located near the upcoming apartment complex in Palmetto. 

The Carlton at Robinson Gateway will consist of 15, four-story buildings with garden-style layouts. Floor plans for the project envision one- to three-bedroom units ranging between 625 square feet to 1,587 square feet. On-site amenities include a pool, a clubhouse, a business center, a dog park and on-site storage. Esterline Construction will serve as the general contractor.

“The project will support the rapid new growth North Manatee County has been seeing,” said Berkadia’s Sinberg. “It’s in a prime location surrounded by new developments along a rapidly growing corridor in the county.”

Brian Pascus can be reached at bpascus@commercialobserver.com.