Berkadia secured financing for Axonic Properties’ acquisition of 246 out of 361 condo units at Palmera Pointe Apartments, located in the Town ‘n’ Country submarket of Tampa, Florida. Berkadia’s Mitch Sinberg led a team that secured a $32.23 million loan on behalf of Axonic Properties. Berkadia secured a non-recourse loan with a five-year term and a flexible structure to align with the sponsor’s business plan. It includes $25 million of initial funding and $7.232 million of additional funding to execute their business plan.
Axonic Properties began acquiring units at Palmera Pointe, a rental condominium community, in December 2021 and amassed 36 units prior to closing on the bulk acquisition of an additional 246 units last month. This gives Axonic owners 282 out of the 361 condo units or 78 percent ownership.
The location allows residents access to Tampa’s premier shopping malls, restaurants, museums, sports stadiums, business districts, and beaches.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.