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Berkadia Arranges $355M Sale, $280M Financing for Fort Lauderdale Multifam Portfolio
Aventura-based Cardone Capital has purchased 585 units at San Michele Collection and 387 units at Colonnade Residences, both near Fort Lauderdale, for a combined purchase price of $355 million. Both properties were 98 percent occupied at the sale.
In addition to marketing the portfolio on behalf of the unidentified seller, Berkadia lined up a $280-million loan for the acquisition on behalf of Cardone Capital. Lender MF1 originated a $181-million loan for San Michele Collection and aa $98-million loan for Colonnade Residences. Both were 3-year, floating-rate loans with two 12-month extension options.
“As more people move into South Florida from other parts of the country, well-amenitized, modern apartment communities will be in high demand and will trade at a premium,” said Berkadia Boca Raton’s Mitch Sinberg.
Both properties are within five minutes of I-75 and I-595 in Broward County and less than 30 minutes from downtown Fort Lauderdale and Fort Lauderdale-Hollywood International Airport.
- ◦Sale/Acquisition
- ◦Financing
