Berkadia Secures $7.7 Million in Financing for Value-Add Apartment Community in Naples, Florida

NAPLES, FL – Berkadia announces it has arranged a $7.684 million loan for the acquisition of Opus, a 63-unit garden-style value-add multifamily community in Naples, Florida. Senior Managing Director Charles Foschini, Managing Director Chris Apone, Senior Analyst Lourdes Carranza-Alvarez and Analyst Shannon Wilson of Berkadia’s Miami office arranged the loan on behalf of The Vazza Real Estate Group, a Boston based real estate company.

Fannie Mae provided a 12-year, fixed-rate loan with 7 years interest only, at an 80 percent loan-to-value.

The property was 97% occupied upon closing, with an average market rent of $1,340 per month, creating an ideal value-add opportunity in a market that has seen historically low vacancy rates.  

“While it wasn’t necessarily planned, the borrower could not have timed the market any better,” said Foschini. “The property’s performance improved during the due diligence process, allowing Fannie Mae to commit the loan at an aggressive spread and terms. They locked rate just as the treasury started to fall, locking in long-term value and an extended interest-only period for their investors.”

“This is an exciting acquisition for us,” added Stephen Vazza, President at The Vazza Real Estate Group. “This is the second multi-family investment we have made in the southeast in the last month and have another 300 units scheduled to close next month. The timing on this asset was perfect with interest rates at an all-time low.  Working with the Miami team at Berkadia was an excellent experience as they approached the transaction with a very high level of professionalism.”

Built in 2002, the property consists of 16 garden-style buildings with 61 two-bedroom units, and one studio and one three-bedroom unit. Each apartment features open floor plans, fully equipped kitchens, washer/dryer connections, patios or balconies, spacious closets, and the complex has 160 surface parking spaces.  

Located at 5248 16th Place SW, Opus is situated approximately 20 minutes outside downtown Naples, which has one of the strongest economies in Florida on account of being a top tourism and retiree destination. Employment drivers include health care, local and city government, and more recently, a growing technology, financial services, IT, and manufacturing employment base.

About Berkadia®: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com

The Vazza Real Estate Group: Based in Quincy, Mass., The Vazza Real Estate Group is committed to cultivating long-term trusted and honest relationships with tenants, brokers, capital partners, real estate professionals and local communities. For more information, visit www.vazzareg.com

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