Margate, Fla. (Oct. 31, 2017) – Berkadia arranged the refinancing of Celebration Pointe, a newly built, 282-unit luxury rental community located in Margate, Florida. The $43.34 million loan assumes a portion of the original construction loan and provides additional financing to cover stabilization of the property, currently 83 percent occupied.
Berkadia South Florida Senior Managing Director Charles Foschini, Senior Director Jared Hill, and Senior Analyst Lourdes Carranza-Alvarez arranged the loan on behalf of borrower Celebration Pointe North LLC.
Freddie Mac provided the fixed-rate, 11-year loan with an interest rate below 4 percent.
“What was unusual and especially complicated about this transaction is that the property is not yet stabilized,” said Foschini. “The extra year on this 10-year loan is part of Freddie’s lease-up program and essentially gives the owner the ability to exit their construction loan with permanent terms, while providing additional time to lease up and stabilize the property. This was a complex loan that required a high degree of sophistication from all parties involved including the borrower.”
“Celebration Pointe has been an excellent addition to the growing Margate submarket,” added Hill. “Since opening in 2016, this Class A property has performed well, and we expect this trend to continue in line with the greater Fort Lauderdale market, which has maintained a strong average occupancy rate above 95%.”
Built in 2016, Celebration Pointe is a 282-unit multifamily community situated at 5555 Celebration Pointe Lane, Margate, Florida. The community features a range of amenities which include outdoor lounging areas and gazebo, large fitness center, children’s playground, resort-style pool with sundeck, and clubhouse with free Wi-Fi. One-, two-, and three-bedroom units include dishwasher, granite countertops, range, and stainless steel appliances. Rents range from $1375 to $1899 per month.