Boynton Beach, Fla. (June 18, 2018) – Berkadia announces it has arranged $29 million in acquisition financing for Verona at Boynton Beach, a 216-unit multifamily asset formerly known as Aventine. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia South Florida, along with Senior Analyst Wesley Moczul of Berkadia’s Orlando office, arranged the loan on behalf of Robbins Property Associates, a real estate investment and development firm based in Tampa and Boston.
Freddie Mac originated the 10-year Green Loan with a competitive floating rate spread over LIBOR, and seven years of interest only.
“Boynton Beach has become an attractive investment point that reflects the competitive atmosphere of South Florida’s multifamily market,” said Matt Robbins. “Even as interest rates continue to rise, investors are looking for opportunities where they can capitalize on consistent demand for rentals, notably in large metropolitan areas.”
Built in 2002, Verona at Boynton Beach is located at 1575 SW Eighth Street. One-, two- and three-bedroom units offer nine-foot ceilings with elegant crown molding, black stainless-steel appliances, wood plank flooring, granite countertops, and large walk-in closets. Community amenities include a BBQ/picnic area, cardio room, conference room, putting green, business center, and clubhouse.
Situated near the Leisureville neighborhood of Boynton Beach, Verona is found near important transit routes and various retail, dining, and entertainment centers. The community is located less than five minutes away from Interstate 95, and is approximately five minutes away from Boynton Beach Mall, Boynton Town Center, and Cinemark 14 theaters.