Florida & Gulf Coast + Finance | June 8, 2020

Berkadia Secures $7M Acquisition Loan for Boca Raton Apartment Portfolio

Berkadia has secured a $6.8 million acquisition loan for a two-property, 52-unit multifamily portfolio in Boca Raton. The total sales price was $9 million.

Located in East Boca Raton, the portfolio consists of Villas at Camino, a 28-unit community located at 329 West Camino Real that was built in 1958 and 1968, as well as the Southwest 14th and 15th Street portfolio, a 24-unit community built between 1966 and 1974. Amenities include a pool with a covered cabana and two laundry facilities.

Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton office secured the financing on behalf of Rental Asset Management (RAM), a Fort Lauderdale-based multifamily owner-operator. A bridge lender provided the fixed-rate, three-year loan. Proceeds of the financing will allow the sponsor to execute renovations and stabilize the asset, which was unoccupied at the time of closing.

Joseph Thomas, Adam Duncan and Tyler Carbonelli of Marcus & Millichap’s Fort Lauderdale office represented the seller, a limited liability company, in the transaction.

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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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