Berkadia Arranges Sale of 288-Unit MF Community in Panama City

Berkadia arranged the sale and financing of Vantage at Panama City Beach, a newly-built, 288-unit garden-style multifamily community in Panama City Beach. The sales price was undisclosed.

Located at 7150 Highway 98, the property was built in 2018 and consists of one-, two- and three-bedroom units in three-story buildings located on a 20-acre lot. The gated community, which is located three miles from the beach, includes resort-style amenities such as a clubhouse, business center, covered pool lounge, outdoor grills, large and small breed dog parks, dog wash facilities and a 24-hour fitness center.

David Etchison of Berkadia’s Birmingham office represented the undisclosed seller in the transaction. Additionally, Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton office secured $42.6 million in acquisition financing on behalf of the buyer, Cardone Capital. Terms of the Freddie Mac financing included a 10-year, fixed-rate loan with five years of interest only payments.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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