ORLANDO, Fla. and MIAMI – August 30, 2021 – Berkadia today announced the sale of and financing secured for Sweetwater on 16th, a 242-unit garden-style multifamily property located in Gainesville, Florida. Director Greg Rainey of Berkadia Jacksonville and Senior Managing Director Cole Whitaker of Berkadia Orlando, along with support from their local Berkadia colleagues, together completed the sale on behalf of the seller, New York-based Beachwold Residential. The buyer was Connecticut-based Lyfe Properties Group, and the deal closed on August 17.
Managing Director Christopher Apone and Senior Managing Director Charles J. Foschini of Berkadia Miami secured the financing on behalf of the borrower. The three-year, interest only bridge loan features extension options that include future funding for capital improvements that the borrower plans to make at the property.
“Growth in Gainesville, along with the rest of the state, continues on an upward trajectory,” said Rainey. “The buyer will be stepping into operations with a steady wind at their back and will look to continue the value-add strategy set in place by the seller.”
“Given the abundance of liquidity in the capital markets and competition to lend on quality value-add multifamily assets, Berkadia was able to procure attractive bridge financing at a strong total loan to cost ratio, with a highly flexible future fund and prepay structure,” said Apone. “That will allow Lyfe Properties to strategically execute their business plan for the property and fully capitalize on future rent growth.”
Located at 205 SE 16th Ave., Sweetwater on 16th features one-, two- and three-bedroom floor plans with in-unit washers and dryers, granite countertops, air conditioning and walk-in closets. Community amenities include two swimming pools, a fitness center, a dog park, a clubhouse and a playground. The property affords residents convenient access to UF Health Shands Hospital, Malcom Randall Veterans Affairs Medical Center, Downtown Gainesville and U.S. Highway 441.