Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged a $58.33 million loan to refinance The Olivia, a 2018-built, Class A apartment community with 288 units located in Homestead, Florida, approximately halfway between Miami and the Florida Keys.
Senior Managing Director Mitch Sinberg, Director Michael Basinski, Senior Managing Director Patrick McGlohn, and Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins of Berkadia Boca Raton, Miami, and DC Metro, secured the financing on behalf of Denver, Colorado-based Grand Peaks Properties and Washington D.C.-based Artemis Real Estate Partners. Grand Peaks has been the leading buyer of apartments in Miami-Dade County over the past decade, having acquired over 2,700 apartments.
Berkadia originated the Freddie Mac-backed seven-year, floating-rate loan.
The partners acquired the property for $71 million in late 2021 in a Berkadia-brokered transaction and invested heavily in property enhancements over the last three years.
“The sponsors had hyper-local experience in the sub-market allowing them to recognize value where others couldn’t and they executed the business plan to perfection,” said Basinski.
“The Olivia has seen tremendous demand from Miami residents during our hold period, seeking high-quality modern housing at an attractive price point,” said Michael Sommers of Grand Peaks Properties. “We are committed to the long-term growth of the region, and this new loan allows for the continuation of a successful business plan with our partners at Artemis.”
Located on 3.4 acres at 14981 Southwest 283rd Street, The Olivia offers spacious one-, two-, and three-bedroom floor plans up to 1,283 square feet. Individual apartments feature granite countertops, updated cabinetry, and in-home washer and dryer. Community amenities include a swimming pool; clubhouse with business center, fitness center, and coffee bar; a fenced in play area; and proximity to parks, walking paths, and outdoor recreation.
