Boardwalk Properties has secured a $20.43m bridge loan for the refinancing of five vintage apartment properties. The assets are located in Bay Harbor Islands and the South Beach section of Miami Beach. The portfolio of vintage properties includes a total of 108 units and were refinanced with a two-year, floating rate loan. The loan-to-cost ratio was 75 percent with three 12-month extension options included. Berkadia arranged the funding through LoanCore Capital Funding Corporation.
“Boardwalk is a very astute owner of high-quality generational assets in irreplaceable locations. Their renovation plans will turn these older, smaller buildings into jewel boxes that will be an exceptional renting alternative to the condo shadow units and larger impersonal projects that dominate the area,” said Charles Foschini, senior managing director at Berkadia. “The lender recognized the opportunity and provided an exceptional loan to allow them the capital to transform these buildings into modern class A communities.”
