FL Gulf Coast Community Receives Freddie Mac Refi

Berkadia’s Charles Foschini, Chris Apone and Lourdes Carranza-Alvarez from the company’s Miami office arranged the $13.6 million fixed-rate, 10-year loan financed by Freddie Mac.

Promenade at Edgewater. Image courtesy of Berkadia

Promenade at Edgewater. Image courtesy of Berkadia

After recently securing a $16.8 million acquisition loan for a 244-unit Alabama community, Berkadia has arranged a $13.6 million recapitalization for Promenade at Edgewater. Pensam Capital owns the 188-unit asset in Dunedin, Florida’s Gulf Coast.  

Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Lourdes Carranza-Alvarez of Berkadia’s Miami office arranged the 10-year, fixed-rate with full term interest-only loan provided by Freddie Mac. According to Yardi Matrix data, Pensam Capital purchased the property for $9.4 million in 2013.

Located at 257 Milwaukee Ave., Promenade at Edgewater—formerly known as Lo Garto Apartments—is 4 miles north of Clearwater, Fla. The community spreads across 13 acres and encompasses six two- and three-story buildings and a single-story clubhouse. Completed in 1973, the one- and two-bedroom units range from 728 to 1,050 square feet. Common-area amenities include a swimming pool, six laundry facilities, a fitness center, designated dog walking area and picnic areas with grills.

“This was an asset that Freddie Mac and our team knew well, having financed it on Pensam’s acquisition some time ago. Working together we were able to transition the loan to one that was both exceptional in its terms, being interest only for the entire loan, and a compelling leverage to Freddie Mac given the amount of value unlocked by Pensam during their ownership of the property,” Foschini said, in prepared remarks.

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