Berkadia, a distinguished leader in the commercial real estate sector, has announced that it secured a $21.58 million loan on behalf of Rental Asset Management (RAM) to refinance South Pointe Apartments, a 170-unit apartment community located in West Perrine.
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Managing director Matthew Robbins, senior managing director Mitch Sinberg, managing directors Scott Wadler and Brad Williamson, and vice president Hugo Hernandez of Berkadia Boca Raton secured the financing on behalf of RAM, a Fort Lauderdale-based multifamily owner/operator.
The five-year, fixed-rate Fannie Mae loan features full-term interest-only payments, a 35-year amortization schedule, and was structured at approximately 65 percent loan-to-value and 1.25x debt service coverage.
“South Pointe Apartments benefits from strong workforce housing demand in South Miami-Dade, and the sponsorship’s long-term ownership strategy aligned well with Fannie Mae’s competitive execution,” Robbins said. “The full-term interest-only structure enhances cash flow while supporting continued operation of quality housing at attainable rent levels.”
Located at 17800 SW 107 Ave., the 1971-built development is a two-story, garden-style community offering one-, two-, and three-bedroom residences. The pet-friendly property features community amenities including laundry facilities, a clubhouse, and a tennis court. Apartment interiors include high-speed internet access, air conditioning and heating, and kitchens equipped with ovens, ranges, and refrigerators.
South Pointe Apartments is located approximately 15 miles southwest of Downtown Miami and roughly 10 miles from the University of Miami. The community benefits from convenient access to major transportation corridors including Florida’s Turnpike and S. Dixie Highway, connecting residents to major employment centers throughout Miami-Dade County. The property also is within a short drive to Miami Dade College’s Kendall Campus, Florida International University, and the Dadeland South Metrorail station, while Miami International Airport is approximately 30 minutes away. Nearby retail options include multiple neighborhood shopping centers within walking distance, along with recreational destinations such as Zoo Miami and Deering Estate.
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About Berkadia
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through its integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, visit www.berkadia.com.
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