Berkadia Arranges Debt & Equity Recapitalization of Fort Lauderdale Apartment Community
The Village at Eastpointe was refinanced with $42.54 million in debt and $8.96 million in equity
Fort Lauderdale, Fla. (May 5, 2023) – Berkadia announces it has secured a senior lender and preferred equity provider for the $51.5 million refinancing of The Village at Eastpointe Apartments, a 296-unit apartment complex located in Fort Lauderdale, Florida. Managing Director Brad Williamson, Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matt Robbins, and Associate Director Wesley Moczul of Berkadia South Florida arranged capital on behalf of R.O.I. Capital, a commercial real estate investment company based in Fort Lauderdale, Florida.
Freddie Mac provided the $42.54 million, five-year, fixed-rate loan with two years of interest-only with open prepay in year three. The preferred equity provider, RCG Longview, contributed $8.96 million in equity to the deal.
“This transaction refinances an existing bridge loan to return capital back to the sponsor,” said Williamson. “It will allow time and proceeds to complete the remaining CapEx and offer backend prepay flexibility for a future sale or recapitalization.”
Located at 5201 North Dixie Hwy, The Village at East Point was built in 1974 and renovated in 2022 and offers one- and two- bedroom apartment units that range from 750 square feet to 950 square feet. Individual units feature walk-in closets, ceiling fans, stainless steel appliances, a dishwasher, mini blinds, patios and balconies. The pet-friendly community amenities include on-site management, a gym, two swimming pools, two laundry rooms, and a clubhouse.
The Village at Eastpointe is conveniently located just five miles east of I-95, approximately 20 minutes north of downtown Fort Lauderdale. It is 10 minutes from the beaches of Fort Lauderdale and 30 minutes from Fort Lauderdale-Hollywood International Airport and Port Everglades.