Berkadia Closes Sale, Financing for Suburban Jacksonville Asset

Working on behalf of the seller, Cole Whitaker and Director Greg Rainey negotiated the $10.6 million deal.
Promenade Park Avenue
Promenade Park Avenue

Berkadia has facilitated the sale and financing of Promenade Park Avenue, a 105-unit community in Orange Park, Fla. Senior Managing Director Cole Whitaker and Director Greg Rainey assisted seller Quad Property Group in the $10.6 million disposition. Quad had acquired the property for $6.7 million in December 2017.

Located at 606 Park Ave., the 1974-built community features one- and two-bedroom apartments. Amenities include a swimming pool and courtyard. The garden-style property is roughly 14 miles southwest of downtown Jacksonville via U.S. Route 17, also providing easy access to Interstate 295. Orange Park Medical Center and NAS Jacksonville are both within a 4-mile radius. In addition, Orange Park Mall is 3 miles west.

In February, a Berkadia team including Whitaker also arranged the sale of a 280-unit garden-style community in Dunedin, Fla. In that deal, Westdale Asset Management paid $62.5 million for the Class A asset, while assuming an existing Fannie Mae loan originated by Berkadia in 2019.

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