Berkadia Closes $107M Freddie Mac-backed Refi for Florida Multifamily Portfolio

Tampa developer Robbins Property Associates has nabbed a $107.3 million debt package to refinance three multifamily properties in Central Florida, Commercial Observer has learned.

Berkadia originated the 10-year, fixed-rate Freddie Mac-backed loan for the 944-unit portfolio in a deal led by Mitch Sinberg, Scott Wadler, Brad Williamson and Hugo Hernandez.

The properties covered by the transaction consist of the 460-unit Briarcrest at Winter Haven in Winter Haven, Fla., the 416-unit Legend Oaks in Tampa, and the 68-unit Windward Apartments in Orlando.

“Orlando and Tampa have been the beneficiaries of nation-leading population and job growth, causing unprecedented demand for well-priced Class B and C apartments throughout Central Florida,” Sinberg said in a statement. 

The 1973-built Briarcrest at Winter Haven and 1983-built Legend Oaks properties received loans of $48.3 million and $54 million, respectively. Loan terms for both assets involved eight of years interest-only payments, a 35-year amortization period, and 70 percent  loan-to-value (LTV), according to Berkadia. 

The 1973-built Windward Apartments’ Freddie Mac financing was a $4.9 million loan with a full-term interest-only structure, a 30-year amortization period, and 65 percent LTV. 

“Our strong and enduring partnership with Berkadia has been instrumental in helping us capitalize on market opportunities over the years,” Bernardo Tannenbaum, associate director of finance at Robbins Property Associates, said in a statement. 

“We create long-term value by owning, operating, and reinvesting in well-located multifamily communities,” Tannenbaum said. 

Andrew Coen can be reached at acoen@commercialobserver.com