Berkadia secured financing for Interface Properties’ acquisition of Wild Pines of Naples, a 200-unit apartment community with 100 income-restricted affordable units in Naples, Florida.
Mitch Sinberg, Michael Basinski, Scott Wadler, Brad Williamson and Matt Robbins aided the sponsors in assuming a $20.62 million senior loan and secured an additional $6 million supplemental through Freddie Mac, for a total financing package of $26.62 million. Both are fixed-rate loans with 10-year terms.
The property was built in multiple phases between 1985 and 2001, with 10% of the units being built in 1968 at 2850 Wild Pines Lane in Naples, Florida. It consists of two-story garden-style apartments with both market-rate and affordable units. It features amenities such as a clubhouse, swimming pool, laundry facility, fitness center and business center. The new owners plan to complete various property improvements, including laundry and gym enhancements, amenity upgrades, improved landscaping, a dog park, and more…