South Florida Community Scores $25M Refi
- Apr 02, 2020
Rich Properties has secured $24.5 million in refinancing of a construction take-out loan for Torino Lakes Townhomes, a Class A community in Port St. Lucie, Fla. Berkadia worked on behalf of the owner to arrange a 10-year, fixed-rate Fannie Mae loan.
Built in 2019, the property comprises two- and three-bedroom units with walk-in closets, granite countertops and stainless-steel appliances. Common-area amenities include a swimming pool, spa, playground, fitness center, clubhouse and a media room.
Located at 5511 NW Sandhill Trail, Torino Lakes is within 2 miles of Interstate 95. The surrounding area has several dining and retail options, including Town Center at St. Lucie West, which is 5 miles from the property.
Berkadia’s Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins secured the financing. Last month, Sinberg was part of the team arranging a $17.8 million Freddie Mac loan for the acquisition of Southern Cove, a 180-unit community in Tampa, Fla. The asset was purchased by 29th Street Capital.