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Berkadia Provides $323M Refinancing Loan for Multifamily Portfolio in Seven States

Melrose on the Bay Apartments in Clearwater, Fla., was a part of the portfolio refinancing.

BOCA RATON, FLA. — Berkadia has provided a $323 million Freddie Mac refinancing loan for 13 multifamily properties in seven states totaling 3,911 units. Mitch Sinberg, Matt Robbins and Jared Hill of Berkadia’s Boca Raton office worked on behalf of the borrower, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust called STAR Real Estate Ventures, to provide the seven-year, fixed-rate loan. The properties include Tuscany Pointe Boca and Savannah Place Apartments in Boca Raton; Melrose on the Bay Apartments in Clearwater, Fla.; Park at Northside, Rivoli Run and The Manchester at Wesleyan in Macon, Ga.; The Grove at Stonebrook in Norcross, Ga.; Traditions at Augusta Apartments in Augusta, Ga.; Verandas on the Green in Aiken, S.C.; Summerlin at Concord in Concord, N.C.; Avalon at Northbrook in Fort Wayne, Ind.; Windsor Lakes in Woodridge, Ill.; and Legacy of Cedar Hill in Cedar Hill, Texas.

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