Berkadia Closes 2 Deals Totaling $100M

The brokerage originated a $31.7 million construction loan through HUD for a 232-unit community in Florida and sold a 414-residence townhome property for $68.9 million in Virginia.
Maple Bay Townhomes. Image courtesy of Berkadia

Berkadia has announced two multifamily deals in Virginia and Florida totaling more than $100 million. In the most recent deal, the commercial real estate services firm secured $31.7 million in construction financing for Latitude at Hammock Bay Apartments, a 232-unit community to be built in Freeport, Fla.

Senior Managing Director Kevin Kozminske originated the financing through HUD’s 221(d)(4) loan insurance program. The 40-year, fixed-rate, construction-to-permanent loan has a loan-to-cost ratio of 85 percent and will help relieve the housing shortage in the Walton County market.

The proposed project will be built on a nearly 14-acre site within the Hammock Bay Master Planned Community, a 3,000-acre gated community in the Florida Panhandle developed by Jay Odom. Latitude at Hammock Bay Apartments will be located at 74 Great Bend Way in the Town Center of the development fronting Choctawhatchee Bay.

The garden-style property will feature 10 buildings, with units ranging from one to three bedrooms, and a separate clubhouse. On-site amenities will include a fitness center, swimming pool, and media center.

Brokerage strikes again in Virginia Beach

Separately, Berkadia’s Mid-Atlantic Investment Sales Group completed the $68.9 million sale of Maple Bay Townhomes, a 414-unit community in Virginia Beach, Va.

Multifamily investor Hamilton Zanze purchased the townhome community located at 356 S. Chesire Court. The seller was Aimco, which picked up the asset from Dreyfuss Management in 2000, according to Yardi Matrix data. The property nearby Interstate 264 was built in 1971 and is nearly 96 percent occupied.

Maple Bay Townhomes provides one-, two- and three-bedroom units, and community amenities include a clubhouse, fitness center and swimming pool. The property is situated two miles from the beach and within walking distance of the retail options along Laskin Road.

Berkadia Senior Directors Jeff Coles, Alan Meetze and David Hudgins completed the transaction on behalf of the seller. “The sale of Maple Bay Townhomes supports current investment capital’s belief in the underlying economics of Virginia Beach and the Hamptons Roads area overall,” noted Coles in a prepared statement. “The surrounding submarkets are regarded as one of the few markets within the Mid-Atlantic where a true premium to yield can be achieved.”

Berkadia notched its last major Virginia Beach deal in June 2018, when it brokered the $52.2 million sale of Mariner’s Cove Apartments, a 458-unit multifamily asset, on behalf of the seller, BDMG Inc. Seminole Trail Properties bought the garden-style property.