CORAL GABLES, FL - Jacksonville, FL - Berkadia announces it has arranged $21.5 million in acquisition financing for Charter Landing Apartments, a 332-unit multifamily community in Jacksonville, Florida. Senior Director Brad Williamson of Berkadia’s Miami office secured the loan on behalf of Savlan Capital, a real estate investment firm based in Hollywood, Florida that purchased the property for $28 million. The firm plans to invest $4.3 million in capital improvements throughout the asset. Charter Landing was 90 percent occupied at the time of purchase.
A regional bank originated the five-year, non-recourse 3.75 percent fixed-rate loan with two years interest only and a 65 percent loan to cost. The $21.5 million loan includes $17.21 million in initial funding.
“The property demonstrated significant potential as a value-add investment in one of the fastest-growing cities in the nation and the largest in Florida,” said Williamson. “With a strong track record in multifamily, the sponsor was able to secure the asset with sufficient funds for a rehabilitation that may provide a 30 percent rise in income produced by the property.”
Built in 1975, Charter Landing Apartments is located at 5885 Edenfield Road. One- and two- and three-bedroom units include private balcony/patio with storage, dishwasher, disposal and range. Community amenities include two tennis courts, two swimming pools, 24-hour fitness center, playground and package service.
Located in the Charter Point submarket, Charter Landing is found on the St. John’s River and located near major employers and transit routes. Downtown Jacksonville is less than 20 minutes away, providing access to employers and institutions such as the Florida State College at Jacksonville and UF Health Jacksonville. Jacksonville Executive at Craig Airport is approximately 20 minutes away as well as Interstate 295, providing direct access throughout greater Jacksonville and Georgia.