Berkadia Provides $20.6M Acquisition Loan for Mixed-Income Apartment Complex in Southwest Florida
NAPLES, FLA. — Berkadia has provided a $20.6 million Freddie Mac acquisition loan for Wild Pines of Naples. The 15-year loan features a fixed interest rate and 10 years of interest-only payments. Of the 200 units, 104 are reserved for those earning 60 percent of the area median income (AMI), while the remaining 96 units are being leased at market rate. The property offers one-bedroom floor plans averaging 600 square feet across 19 one- and two-story buildings. Communal amenities include two pools, two laundry rooms, a clubhouse, business center, fitness center and a picnic area. Included in the sale of the property are 23 garages available for rent and 0.6 acres of undeveloped land that could be used to add more units or amenities. Mitch Sinberg and Matt Robbins of Berkadia originated the loan on behalf of the borrower, New York City-based GMF Capital.