Florida & Gulf Coast + South Florida + Finance | November 29, 2020

Berkadia Secures $21M Acquisition Financing for Naples MF Property

Berkadia has secured a $20.6 million loan for the acquisition of Wild Pines of Naples, a 200-unit multifamily property in Naples, FLA.

Located at 2580 Wild Pines Lane, the property was built in two phases in 1968/1986 and 2001. Phase I consists of 96 market-rate units in 12 one- and two-story buildings and Phase II added 104-rent/income-restricted units (maximum 60% of AMI) in 7 two-story buildings. The income-restricted units will remain affordable until 2031. Both phases feature one-bedroom floor plans averaging 600 square feet. Community amenities include two pools, two laundry rooms, a clubhouse with business center and leasing office, gym and picnic area.

Mitch Sinberg and Matt Robbins of Berkadia’s Boca Raton office secured the financing on behalf of New York-based GMF Capital. Berkadia originated, and Freddie Mac purchased, the 15-year, fixed-rate loan with 10 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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