MIAMI (May 21, 2018) – Berkadia announces it has arranged a $20.43 million bridge loan for the refinancing of five vintage apartment properties located in Bay Harbor Islands and the South Beach section of Miami Beach, FL. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Analyst Shannon Wilson arranged the loan on behalf of Boardwalk Properties, a real estate investment and management firm based in Miami Beach.
LoanCore Capital Funding Corporation LLC originated the two-year, floating rate loan with three 12-month extension options. The Loan to Cost was 75 percent.
“Boardwalk is a very astute owner of high-quality generational assets in irreplaceable locations. Their renovation plans will turn these older, smaller buildings into jewel boxes that will be an exceptional renting alternative to the condo shadow units and larger impersonal projects that dominate the area,” said Foschini. “The lender recognized the opportunity and provided an exceptional loan to allow them the capital to transform these buildings into modern Class A communities.”
The properties in the portfolio are:
- 1600 W Ave, Miami Beach, FL 33139 (Built in 1969, with 20 units)
- 1606 W Ave, Miami Beach, FL 33139 (Built in 1961, with 12 units)
- 9200 E Bay Harbor Dr, Bay Harbor Island, FL 33154 (Built in 1955, with 18 units)
- 9270 E Bay Harbor Drive, Bay Harbor Island, FL 33154 (Built in 1951, with 24 units)
- 1075 101st, 10150-10190 E Bay Harbor Dr, Bay Harbor Island, FL 33154 (Built in Built 1947,1956,and 1957, with 34 units)