Berkadia Secures $33.3 Million Acquisition Loan For 304-Unit Multifamily In St. Petersburg

The property involved in this transaction is a multifamily asset located at 501 116th Avenue in the St. Petersburg market, consisting of 304 units. The acquisition loan for this asset is valued at $33,300,000, structured to include a five-year term with three years of interest-only payments at full leverage.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $33,300,000
• Lender: Berkadia via Freddie Mac
• Landlord: REX
• Loan Type: Acquisition
• Loan Terms: Five-year term and three years interest-only at full leverage
• Brokers: Brad Williamson, Wesley Moczul, Mitch Sinberg, Matthew Robbins & Scott Wadler - Berkadia

The brokers involved in this transaction are Brad Williamson, Wesley Moczul, Mitch Sinberg, Matthew Robbins, and Scott Wadler, all representing Berkadia. Their efforts facilitated the acquisition loan for the multifamily property, highlighting their expertise in the market.