Berkadia, Freddie Mac Provide $40M Acquisition Loan for Florida Apartment Community
Interface Properties bought the 296-unit apartment community in Fort Myers
By Brian Pascus July 2, 2024 3:11 pm
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Interface Properties has secured $39.9 million in acquisition financing to buy Brantley Pines Apartments, a 296-unit apartment community in Fort Myers, Fla., Commercial Observer has learned.
Berkadia originated the financing on behalf of the sponsor, led by father-son duo Ken Goodman and Zac Goodman, and Freddie Mac (FMCC) purchased the fixed-rate, five-year loan, which includes green energy benefits.
Berkadia South Florida’s Mitch Sinberg, Michael Basinski, Brad Williamson and Scott Wadler secured the financing on behalf of the sponsor.
“This was a well-executed acquisition by Interface identifying opportunity when many investors are on the sidelines,” said Basinski. “Their vertically integrated platform propelled by proprietary technology allows them to drive value at a deeper level than many major institutional firms.”
Located at 1801 Brantley Road, Brantley Pines Apartments is an apartment community built over two phases between 1988 and 1997. The three-story apartment buildings feature one- to three-bedroom units. All apartments come with private entrances, washers and dryers, stainless steel appliances, and a screened lanais, while the community itself contains a fitness center, a pool, outdoor grills, a business center, a pickleball court, a pet park, and on-site parking.
Fort Myers sits on the southwest side of Florida and is roughly a two-hour drive south from Tampa Bay, and a three-hour drive northwest from Miami.
Zac Goodman, partner at Interface Properties, based in nearby Boca Raton, said his firm is “excited” to renovate the property.
“Brantley Pines is a beautiful 30-acre sprawling apartment community rich with green space, amenities, and multiple large lakes,” he said in a statement. “The exterior is A-plus, and we look forward to bringing the interiors and additional amenities up to meet that A-plus level.”
Brian Pascus can be reached at bpascus@commercialobserver.com
