Berkadia Originates $58M Freddie Mac Loan for Miami-Area Multifamily Property

Grand Peaks Properties and Artemis Real Estate Partners have secured a $58.3 million loan to refinance the Olivia, a 288-unit multifamily asset in Homestead, Fla., near Miami and the Florida Keys, Commercial Observer can first report. 

Berkadia originated the financing, a seven-year, floating-rate loan backed by Freddie Mac. The Berkadia team of Mitch Sinberg, Michael Basinski, Patrick McGlohn, Scott Wadler, Brad Williamson and Matt Robbins arranged the deal.

Grand Peaks Properties and Artemis acquired the Olivia in 2021 in a $71 million deal. The property opened in 2018. 

Michael Sommers, senior vice president of Grand Peaks Properties, said in a statement that the property has received “tremendous demand” from Miami-area residents over the last four years as the firm’s investments in the apartment buildings helped generate a new housing option that carries “an attractive price point” for area residents. 

“We are committed to the long-term growth of the region, and this new loan allows for the continuation of a successful business plan with our partners at Artemis,” added Sommers. 

Located at 14981 Southwest 283rd Street in Homestead, a city within Miami-Dade County about 38 miles south of South Beach, the Olivia features 288 units ranging from one to three bedrooms across 12 three-story buildings. The complex includes amenities such as a swimming pool, a business center, a fitness center and a coffee bar. 

Grand Peaks Properties owns more than 2,700 units in the Miami area. 

Brian Pascus can be reached at bpascus@commercialobserver.com