Berkadia Facilitates Affordable Community Sale in Miami

The company arranged the $14 million sale as well as an $11.3 million acquisition loan.
Cutlerwood Apartments

Cutlerwood Apartments

MiamiBerkadia has announced the sale and financing of Cutlerwood Apartments, a 161-unit affordable housing community located in the Cutler Bay neighborhood of Miami.

Asden Realty acquired the property from American Federated Tile Corp. for $14 million, or $134 per square foot, with an $11.3 million acquisition loan. Berkadia’s South Florida team of Senior Director Tal Frydman and directors Fernando Polanco and Yoav Yuhjtman brokered the sale, and Mitch Sinberg and Matt Robbins from the same office arranged the six-year Freddie Mac acquisition loan for the buyer.

“Due to the lack of affordable properties in South Florida, Cutlerwood attracted a tremendous amount of activity and offers,” said Frydman in prepared remarks.

Built between 1963 and 1966, Cutlerwood Apartments comprises eight two-story, elevator-served apartment buildings located on SW 110th Court, Caribbean Boulevard and SW 202nd Drive, respectively. The community offers studios, one- and two-bedroom residences ranging from 500 to 800 square feet with private balconies or patios. Property amenities include an open courtyard with a picnic area, laundry facilities and 210 parking spaces. The property is managed by Asden Properties and was 98 percent occupied at the time of sale.

Cutlerwood Apartments is fully affordable, but according to Yardi Matrix data, 15 units are market rate.

Most recently, Berkadia arranged the sale of a 304-unit community in Tampa, closed a $54 million Las Vegas apartment sale, and closed two sales in South Carolina totaling $46 million.

Photo courtesy of Berkadia