PANAMA CITY BEACH, FLA. — Berkadia has arranged $42.5 million in debt and equity to refinance Exchange at the Beach, a 232-unit multifamily apartment community located in the Upper Grand Lagoon neighborhood of Panama City Beach. Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia secured a $29 million, five-year, fixed-rate Freddie Mac loan on behalf of the borrower, JSB Capital. Berkadia also arranged $13.5 million in preferred equity.
Built in 2022, Exchange at the Beach offers one- and two-bedroom apartments ranging in size from 672 to 1,255 square feet, according to Apartments.com. Amenities include a clubhouse with a coffee bar, business center, gaming area, 24-hour fitness center, swimming pool with a veranda and TV area, outdoor BBQ and grilling stations, an outdoor fireplace and a dog park.