Miami, Florida – July 9, 2024 – Berkadia Florida announced today that it has closed over $1.99 billion in commercial property financing in the first half of 2024, including $900 million in construction loans for condominium projects in the Miami metro area.
Miami, Florida – July 9, 2024 – Berkadia Florida announced today that it has closed over $1.99 billion in commercial property financing in the first half of 2024, including $900 million in construction loans for condominium projects in the Miami metro area.
Led by Senior Managing Director Mitch Sinberg , the Berkadia Florida Mortgage Banking team also includes Senior Managing Director Charles Foschini , Managing Directors Matt Robbins , Scott Wadler , Brad Williamson , Chris Apone , Saul Hoppenstein , Matthew Nihan , Rebecca Van Reken, and Mark Sumner. To achieve this milestone, Berkadia leveraged its longstanding agency lending relationships, as well as connections with life companies, banks, and over 100 debt funds, to complete several acquisition loans, construction financings, and recapitalizations for its clients across Florida and beyond in 2024.
“While many markets across the U.S. have slowed, South Florida has continued to perform well due to sustained population growth and international demand,” said Sinberg. “Record-breaking tourism, corporate relocations, and strong overall employment growth are driving demand for apartments, while low inventory of for-sale homes and higher interest rates are also delaying homeownership and keeping many in the renter pool for longer. Looking ahead, we believe multifamily property trades will pick up toward the end of the year, assuming we’re able to achieve a more stable rate environment that will allow for better price discovery.”
Notable transactions by Berkadia’s mortgage banking team so far this year include:
- $400 million construction loan through Madison Realty Capital on behalf of Related Group/BH Group for the last fully entitled developable parcel on Fisher Island
- $54.5 million in refinancing through Apollo for Neology’s Pier 19 Residences & Marina
- $97 million construction loan through Goldman Sachs Private Bank on behalf of The Mahaffey Apartment Company for The Carlton at Robinson Gateway near Bradenton
- $328 million construction loan from Bank OZK on behalf of Related Group/GTIS Partners for Baccarat Residences Miami.
Berkadia’s Q1 2024 multifamily report confirms that market demand remains strong, keeping pace with the increasing inventory. Read more here .
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