MIAMI – November 02, 2017 – Berkadia today announced the sale and financing of Cutlerwood Apartments, a 161-unit multifamily property located in the Cutler Bay neighborhood of Miami, Florida. Asden Realty acquired the property from seller American Federated Tile Corporation for $14 million, or $134 per square foot, with an $11.35 million acquisition loan. HUD provides Section 8 rental subsidies to Cutlerwood pursuant to a housing assistance payment (HAP) contract.
Senior Director Tal Frydman and Directors Fernando Polanco and Yoav Yuhjtman of Berkadia’s South Florida office brokered the sale; Mitch Sinberg and Matt Robbins from the same office arranged an $11.35 million acquisition loan for the buyer. The six-year acquisition loan was originated by Freddie Mac.
“Due to the lack of affordable properties in South Florida, Cutlerwood attracted a tremendous amount of activity and offers,” said Frydman. “This is an excellent addition to Asden’s growing portfolio of affordable multifamily properties.”
Built between 1963 and 1966, Cutlerwood Apartments comprises eight apartment buildings – located at 20001 and 20101 S.W. 110th Court, 10960 and 10950 Caribbean Blvd., and 10980, 10990, 11000, and 11020 S.W. 202nd Drive – offering studios and one- and two-bedroom apartments. The units, all ranging from 500 to 800 square feet, the units feature private balconies or patios. The building includes an open courtyard with a picnic area as well as an on-site laundry facility. It was 98% occupied at the time of sale.