Panama City, Fla. (September 18, 2019) – Berkadia announces it has arranged the sale and financing of Vantage at Panama City Beach, a new 288-unit garden-style community located in Panama City Beach, Florida. Senior Director David Etchison of Berkadia’s Birmingham, Alabama office represented the seller. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton, Florida office secured $42.6 million in acquisition financing on behalf of the buyer, Cardone Capital. The sale price was not disclosed.
Berkadia originated and Freddie Mac purchased a 10-year, fixed-rate loan with five years interest only.
“Located in a highly desirable location just three miles from the beach, Vantage at Panama City provides the new owner with the opportunity to capture upside potential of untapped rental premiums,” said Etchison. “The Panama City MSA has seen upward of 9 percent rent growth over the past 12 months.”
“The borrower timed this acquisition well, allowing Freddie Mac to commit the loan with aggressive terms and hold its spread despite some of the volatility in the markets,” said Sinberg. “The lender recognized the strength of the borrower’s business plan in a beachside, tourist market that has significant potential for growth.”
Built in 2018 and located at 7150 Highway 98, Vantage at Panama City Beach consists of one-, two- and three-bedroom units in three-story buildings located on a 20-acre lot. Units feature faux-wood plank flooring, Energy Star appliances, walk-in closets, digital thermostats, a full size washer/dryer, a baalcony or patio, and a private fenced-in yard in some units. There are a total of 363 surface parking spaces and 100 carports available. The gated community includes resort-style amenities including a clubhouse, business center, internet café, covered pool lounge, outdoor grills and picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour state-of-the-art fitness center and 24-hour Luxer One Package concierge.
Vantage at Panama City is ideally situated between Panama City Beach and Panama City, offering residents a quick commute to major employers and Emerald Coast beaches. Nearby employers include Tyndall Air Force Base, Bay Medical Center – Sacred Heart, Gulf Coast Regional Medical Center, Naval Support Activity, General Dynamics IT, and Berg Steel Pipe.The property is also located just 900 yards from Vantage at PCB, the new $38 million Panama City Beach Sports Complex.
The property has an average occupancy of 98 percent with an average market rent of $1,481 per month. The property will be renamed 10X Living at Panama City Beach.