Clockwise from top left: Mitch Sinberg, Scott Wadler, Brad Williamson, and Matthew Robbins.
Mitch Sinberg, Scott Wadler, Matt Robbins and Brad Williamson
Senior managing director; managing directors at Berkadia
Berkadia’s South Florida team carved out an effective niche during 2024 to maintain a big lending presence in the region.
In the midst of higher-for-longer interest rates that permeated the year, construction loans took on an added focus, with the brokerage firm facilitating several large loans for residential assets and entering 2025 with a heavy development pipeline. Berkadia has also successfully picked its spots in terms of what deals to tackle in a challenging financing environment.
“We’ve become really selective,” Scott Wadler said. “I’d rather close 15 deals easily and know that they’re going to close than close 25 deals and not get any sleep.”
The Berkadia South Florida team closed nearly $4 billion of loan volume across 107 transactions involving a number of multifamily acquisitions, construction loans and refinancings.
Berkadia’s active 2024 in South Florida included arranging a $400 million construction loan from Madison Realty Capital for a Related Group-led joint venture to build its Residences at Six Fisher Island luxury condo project.
Another large condo construction deal brokered by the team involved a $328 million loan from Bank OZK to a joint venture between Related Group and GTIS Partners to build the Baccarat Residences Miami in the Brickell district. The group also arranged a $172 million construction loan from Bank OZK for Jackie Soffer’s Turnberry to build a 33-story condo development in North Miami called One Park Tower.
Wadler noted there are plenty of advantages to condo construction loans compared to the multifamily sector, which has been negatively affected in recent years by cap rates.
“In a difficult financing environment, when rates were going up and people didn’t really have a good pulse on what cap rates were, condos were a reliable financing focus for lenders because you could very easily understand the margin on the deal and you understood you were going to get paid off at completion,” Wadler said.
The Berkadia South Florida team was also active last year in hiring, adding two new underwriters. The brokerage is looking to add a senior partner this year, too, according to Wadler.
