Berkadia Completes Sale, Financing of Two Multifamily Communities

Berkadia has completed the sale and financing of Tampa, FL garden-style communities The Palms at Ashley Oaks (130 units) and 22 North (176 units). Senior Managing Director Jason Stanton of Berkadia Tampa, and Senior Managing Director Cole Whitaker of Berkadia Orlando led the sale on behalf of the seller, Atlanta-based Asia Capital Real Estate. 

Managing Director Allan Freedman of Berkadia Los Angeles secured the acquisition financing through Fannie Mae on behalf of the buyer, Los Angeles-based Miramar Capital. The five-year loan featured a 5.08 percent interest rate, a 35-year amortization schedule, and full-term interest only.

“This was a great opportunity for the buyer to purchase two Tampa properties within minutes of the University of South Florida and surrounding medical hubs,” said Stanton. “Miramar Capital plans to implement upgrades to the community and build upon the capital improvements completed by ACRE during their hold.”