Berkadia arranges $217m debt and equity recap of Florida multifamily portfolio

Berkadia has arranged debt and equity financing totaling $217 million for the recapitalization of a three-property, 1,139-unit multifamily portfolio consisting of properties in Orlando and Fort Myers, Fla.

The financing was secured on behalf of a joint venture between JSB Capital Group, a real estate investment company with offices in Miami Beach, and BLD Group, a real estate operating company with divisions specializing in multifamily rental apartment development, asset management and general construction with offices in Florida and Colorado.

“As challenging as the capital markets currently are, this demonstrates that liquidity is still available for credible and quality sponsors,” said Mitch Sinberg, senior managing director at Berkadia, who secured the financing on behalf of the joint venture. “We successfully replaced a debt fund loan whose floating rate skyrocketed from the mid-2 percent range to the mid-7 percent range to a much more palatable fixed-rate ag