Insula Properties Receive Funding Through Berkadia
- Oct 12, 2015
Tampa, Fla.—Berkadia originated loans for five multifamily properties in Central Florida and Tampa. The team that secured the financing on behalf of the owner of the properties, Insula Companies, was led by Senior Managing Director Mitch Sinberg, Managing Director Michael Wallace and Real Estate Analyst Matthew Robbins of Berkadia’s South Florida office.
Sinberg, Wallace and Robbins arranged a $23 million refinance loan for The Valencian Apartments in Kissimmee; secured a $19.2 million loan for the acquisition of Charter Pointe Apartments; originated a $12.6 million loan for the refinancing of Park East Apartments in Tampa; closed a $10.5 million loan for St. Moritz Apartments in Tampa and one in the same value for Miramar in Kissimmee.
Berkadia structured the refinance loans for The Valencian Apartments and Park East Apartments into 10-year, floating-rate loans through its Fannie Mae Program with sub-3 percent interest rates, 75 percent loan-to-value ratio, and interest-only periods for part of the terms. The acquisition funding for Charter Pointe Apartments is structured similarly, through the company’s Freddie Mac Program. Both seven-year, floating-rate loans for St. Moritz Apartments and Miramar were secured through Berkadia’s Fannie Mae program and recapitalized the assets, returning a significant amount of equity to Insula.
Photo credit: Berkadia