ROI Capital lands $52M for Fort Lauderdale Asset

The capital stack includes a $42.5 million Freddie Mac loan.

The Village at Eastpointe Apartments

The Village at Eastpointe Apartments. Image courtesy of Yardi Matrix

ROI Capital has secured $51.5 million in debt and equity recapitalization for The Village at Eastpointe Apartments, a 296-unit multifamily community in Fort Lauderdale, Fla. The debt represents a $42.5 million five-year Freddie Mac loan with a fixed rate and two years of interest-only payments. RCG Longview is the equity provider, contributing $9 million. Berkadia arranged the capital stack.

Completed in 1974, the property comprises 23 two-story buildings, incorporating one- and two-bedroom floorplans which range from 750 to 950 square feet. ROI Capital acquired the community in 2021 for $58.5 million, according to Yardi Matrix data, and then renovated it. Apartments feature walk-in closets, ceiling fans and private patios or balconies. Resident amenities include a fitness center, two swimming pools, two laundry rooms and a clubhouse.

A resourceful Fort Lauderdale location

Located at 5201 N. Dixie Highway, the 10-acre site is roughly 6 miles north of Fort Lauderdale and some 4 miles south of Pompano Beach, Fla. It is also adjacent to numerous retail and dining options, as well as close to the Holy Cross Health hospital. The Lauderdale-by-the-Sea beach is situated less than 3 miles to the community’s east.

Berkadia South Florida’s Managing Directors Brad Williamson, Scott Wadler and Matt Robbins, along with Associate Director Wesley Moczul and Senior Managing Director Mitch Sinberg, arranged the capital on behalf of the owner. Williamson stated in prepared remarks that the transaction is meant to refinance an existing bridge loan and to complete the remaining capital expenditure. Wadler was recently involved in the origination of a $215 million construction loan for a 1 million-square-foot mixed-use project in Miami.

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