Berkadia Florida Posts Record-Breaking Year for Commercial Real Estate Deal Volume in 2021

February 10, 2022

Berkadia Florida Posts Record-Breaking Year for Commercial Real Estate Deal Volume in 2021

February 10, 2022

The Florida-based mortgage banking and investment sales teams completed more than $9 billion in transactions in 2021

Boca Raton, Fla. (February 10, 2022) – Berkadia’s Florida mortgage banking and investment sales teams marked a record-breaking year in 2021. Led by Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, the mortgage banking team originated $6.1 billion in loans on commercial properties throughout Florida and the rest of the country, breaking the team’s previous record of $3.37 billion in 2019.

In addition, Berkadia Florida’s Investment Sales teams also posted a record-breaking $3.2 billion in property sales in 2021. Berkadia has rapidly expanded its investment sales capabilities over the past three years, adding notable heavy hitters in each market such as Jaret Turkell and Roberto Pesant in Miami; Brett Moss in Orlando; Matt Wilcox in Jacksonville; and most recently (December 2021), Matthew Mitchell in Tampa – an industry veteran who has closed more than $10 billion throughout the course of his career.

Sinberg attributed the growth in deal volume to demographic and behavioral shifts in the wake of the pandemic that made Florida uniquely attractive for multifamily/single-family rental investors, as well as Berkadia’s longstanding relationship with a broad range of developers, investors and lenders.

“The pandemic accelerated the appetite for well-located multifamily and SFR assets throughout the Sunbelt and specifically in Florida, which attracted more new residents than any other state in 2021,” said Sinberg. “Berkadia’s established agency lending relationships, along with strong relationships with life companies, banks and more than 100 debt funds, all contributed to an outstanding climate for financing multifamily properties in 2021. Although interest rates have risen, we anticipate the appetite for apartment investments in the Southeast and Florida to remain strong from all types of investors on account of strong apartment fundamentals across the board.”

Added Turkell, “The overwhelming demand for multifamily and single-family housing in South Florida coupled with Berkadia’s exceptional market knowledge resulted in a record-breaking year for our investment sales teams in South Florida.”

Overall, Berkadia was the nation’s #1 Freddie Mac lender in 2021 and it was also the #3 Fannie Mae lender.

Notable deals closed by the Berkadia Florida teams in 2021 included:

  • The $355 million sale and $280.3 million financing (through lender MF1) of a two-property, multifamily portfolio in Fort Lauderdale on behalf of Aventura-based Cardone Capital.
  • The $77 million sale of the 175-unit Domio, a mixed-use, new construction property in Wynwood, on behalf of Related Group.
  • The $110.5 million sale of Beach Place Apartments in Sunny Isles on behalf of Jamestown.
  • A $78.19 million in construction loan for The Julia Residences, a 323-unit attainable luxury mid-rise apartment community in Miami, on behalf of Neology Life Development Group.
  • The sale and financing of Wynwood Bay, a 156-unit residential high-rise located in Wynwood, on behalf of Alta Developers.
  • The $91 million financing of two multifamily properties in the Tampa Bay area,  Henley Tampa Palms