Categories
Acquires

Berkadia Arranges Acquisition Financing for New Build-To-Rent Community Cedar Ridge at Forest Lake Outside of Orlando

October 7, 2024 – Yield Pro

Berkadia announced that it arranged acquisition financing for Cedar Ridge at Forest Lake, a brand-new, build-to-rent (BTR) community consisting of 70 single family homes in the fast-growing Orlando suburb of Davenport, Florida.

Managing Director Brad Williamson along with Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matthew Robbins, and Vice President-Originations Kyle Ryan of Berkadia Miami secured $13.2 million in acquisition financing on behalf of the sponsor, Bayshore Investment Partners, LLC (BIP) a Miami/Coral Gables-based real estate investment and management firm.

“This was a complex deal because of the seller’s hard closing date in September, the fact that the property was still in the final stages of lease-up, and the limited number of lenders for brand new BTR product such as this,” said Williamson. “In the end, we were able to provide the sponsor with attractive terms through Fannie Mae and execute quickly to satisfy the seller’s terms.”

“This was a challenging transaction given the tight closing timeframe; however, it was a very successful process due to the full team effort from all stakeholders,” said Jose Tello, co-founder and principal at BIP. “The seller was extremely responsive and provided real-time feedback to meet all our lender’s requirements. Working with Berkadia and Fannie Mae was also a very positive and streamlined process as usual.”

“We are thrilled with this BTR acquisition as we continue to expand our Florida and Southeast holdings via this compelling asset class,” added Efren Ales, co-founder and principal at BIP. “This brings our total acquisitions to over 2,600 units since inception. We are actively seeking to acquire additional BTR and traditional multifamily assets across primary markets in the Southeast.”

Built in 2023, Cedar Ridge at Forest Lake features spacious three-, four-, and five-bedroom homes with integrated smart home technology, attached two-car garage, private fenced backyards, stainless steel appliances, washer and dryer, keyless private entry, and more. Community amenities include on-site management, pet-friendly spaces, playground, pool, and much more.

Located at 2860 Cedar Ridge Court, the property is along U.S. Route 27 and near Interstate 4 corridor connecting Orlando and Tampa. Its location offers convenient access to major employment hubs, popular attractions like Walt Disney World, and an array of shopping and dining options, making it a highly desirable place to live for both families and professionals.

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

Categories
Acquires

Berkadia arranges acquisition financing for new build-to-rent community outside of Orlando, Florida

Davenport, Florida – Sept. 23, 2024 – Berkadia announced today that it arranged acquisition financing for Cedar Ridge at Forest Lake, a brand-new, build-to-rent (BTR) community consisting of 70 single family homes in the fast-growing Orlando suburb of Davenport, Florida. Managing Director Brad Williamson along with Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Matthew Robbins, and Vice President-Originations Kyle Ryan of Berkadia Miami secured $13.2 million in acquisition financing on behalf of the sponsor, Bayshore Investment Partners, LLC (BIP) a Miami/Coral Gables-based real estate investment and management firm. The deal closed on Sept. 19.

Fannie Mae provided the seven-year loan with a full-term interest-only amortization schedule at a fixed rate of 5.09 percent.

“This was a complex deal because of the seller’s hard closing date in September, the fact that the property was still in the final stages of lease-up, and the limited number of lenders for brand new BTR product such as this,” said Williamson. “In the end, we were able to provide the sponsor with attractive terms through Fannie Mae and execute quickly to satisfy the seller’s terms.”

“This was a challenging transaction given the tight closing timeframe; however, it was a very successful process due to the full team effort from all stakeholders,” said Jose Tello, co-founder and principal at BIP. “The seller was extremely responsive and provided real-time feedback to meet all our lender’s requirements. Working with Berkadia and Fannie Mae was also a very positive and streamlined process as usual.”

“We are thrilled with this BTR acquisition as we continue to expand our Florida and Southeast holdings via this compelling asset class,” added Efren Ales, co-founder and principal at BIP. “This brings our total acquisitions to over 2,600 units since inception. We are actively seeking to acquire additional BTR and traditional multifamily assets across primary markets in the Southeast.”

Built in 2023, Cedar Ridge at Forest Lake features spacious three-, four- and five-bedroom homes with integrated smart home technology, attached two-car garage, private fenced backyards, stainless steel appliances, washer and dryer, keyless private entry and more. Community amenities include on-site management, pet-friendly spaces, playground, pool and much more.

Located at 2860 Cedar Ridge Court, the property is along U.S. Route 27 and near Interstate 4 corridor connecting Orlando and Tampa. Its location offers convenient access to major employment hubs, popular attractions like Walt Disney World and an array of shopping and dining options, making it a highly desirable place to live for both families and professionals.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

To learn more about Berkadia, please visit www.berkadia.com.

Categories
Acquires

BIP Acquires: Cedar Ridge at Forest Lake

BAYSHORE INVESTMENT PARTNERS / 2024

Bayshore Investment Partners, LLC (“BIP”) is pleased to announce the acquisition of Cedar Ridge at Forest Lake (“Cedar Ridge”), a newly developed, 70-unit Single-Family / Build-to-Rent (“BTR”) community in Davenport, Florida. Delivered in 2023, Cedar Ridge is located within one of the fastest-growing metropolitan areas (MSA) in the U.S., according to the U.S. Census Bureau.

This community, acquired from D.R. Horton, the nation’s largest homebuilder, offers spacious 3, 4, and 5-bedroom homes featuring 2-car garages, private fenced yards, and thoughtfully designed interiors. Constructed with durable concrete block structure (CBS), the homes are complemented by a luxurious resort-style pool and amenities, ensuring residents enjoy a premium living environment.

The acquisition of Cedar Ridge marks a significant addition to BIP’s multi-family portfolio, increasing our Florida footprint to over 1,700 units under management and bringing our total acquisitions to over 2,600 units since inception.

We extend our appreciation to Chad Freedman of Ballaga, Freedman & Atkins for representing our partnership in this transaction. Special thanks also to Berkadia’s Capital Markets team—Brad Williamson, Kyle Ryan, Abigail Beauchamp, and Jared Hill—for their exceptional efforts in securing Fannie Mae financing during the final lease-up phase. We would also like to recognize Jeremy Miller, Natalie Johns, and Will Crenshaw from Gallagher for procuring a comprehensive insurance package. Finally, we appreciate Zach Nolan, Ted Taylor, and Kyle Butler from JLL for their professional representation of the seller and for their collaborative efforts with BIP to meet all lender and property-level requirements.

Cedar Ridge will be managed by Cynergy Property Management, BIP’s vertically integrated property management platform.

BIP is a Miami/Coral Gables based real estate investment and management firm that was founded in 2010 to acquire and operate multi-family and commercial real estate properties. Today, BIP primarily acquires traditional multi-family apartments, BTR communities, and industrial flex assets. BIP has acquired nineteen assets with over 2,600 units since inception and an additional 170,000 square feet of retail and industrial flex assets, comprising +$420M in acquisitions and +$570M in transactions. Combined, the principals have acquired and/or managed over $4.5 billion of real estate assets nationwide during their careers. For more information, please visit www.bayshoreinv.com

Categories
Acquires

BIP Acquires: Princeton Parc Apartments

BAYSHORE INVESTMENT PARTNERS / 2024

Bayshore Investment Partners, LLC (“BIP”) is excited to announce the recent acquisition of Princeton Parc Apartments, a 200-unit garden style apartment community located in Melbourne, Florida. Developed in 2003, this acquisition strengthens BIP’s presence in the robust rental market of the Space Coast region. The community features include: Bark Park, Cyber Café, Resort Style Pool and Sundeck, Outdoor Kitchen with TV and Grills, State-of-the-Art 24-Hour Gym.


Princeton Parc Apartments marks a significant addition to BIP’s Multifamily portfolio. This acquisition increases BIP’s Melbourne portfolio to +300 units. Furthermore, this acquisition marks BIP’s +2,400 units since inception milestone.


We extend our gratitude to Chad Freedman of Ballaga Freedman & Atkins for representing the partnership in this acquisition. We also appreciate the efforts of Northmarq’s financing team, including Bob Harrington and Dan Lundell, for their proficient arrangement of the supplemental and assumption loans in the transaction. Finally, we would like to thank Ted Taylor and Kyle Butler from JLL for their professional representation of the seller in this transaction. Princeton Parc Apartments will be managed by Cynergy Property Management, BIP’s vertically integrated property management platform.


BIP is a Miami-based real estate investment and management firm that was founded in 2010 to acquire and operate multifamily and commercial properties. Today, BIP primarily acquires apartments and BTR communities. The firm also focuses on industrial flex assets and retail centers. BIP has acquired nineteen apartment communities with over 2,400 units since inception and an additional 170,000 square feet of retail and industrial flex assets comprising +$400M in acquisition value and +$550M in completed transactions. Combined, the principals have acquired and/or managed over $4.5 billion of real estate assets nationwide during their careers. For more information, please visit www.bayshoreinv.com

Categories
Sells

Newmark Facilitates Sale of Multifamily Portfolio Creekbridge and Westwood Crossing in Brandon, Florida

Newmark announces the sale of a two-building multifamily portfolio comprising Creekbridge & Woodbridge Crossing, located at 1002 Creekbridge Road and 1212 Askew Drive in Brandon, Florida. Totaling over 216,000 square feet, the properties traded from Bayshore Investment Partners, LLC–a Miami-based multifamily and commercial real estate investment and management company–to Houston-based real estate management company WGA Legacy Property Management (“WGA Legacy”) for an undisclosed price.

Newmark Multifamily Capital Markets Executive Managing Director Ryan Moody, Vice Chairman Patrick Dufour, Managing Director Andrew Visnick, Directors Cameron Wolfe and Pibu Aulakh and Associate Eric Gfesser represented Bayshore Investment Partners in the sale transaction.

“Both Creekbridge and Westwood Crossing offer a low-density feel and are strategically located within the Tampa suburb of Brandon, benefitting from convenient access to great employment, retail and entertainment destinations,” said Moody.

Creekbridge and Westwood Crossing presented investors with a substantial value-add opportunity to acquire 200 residential apartments in one of the top-performing submarkets within the ever-strong South Florida market. Further enticing investors is the significant value add remaining at both properties, including opportunities to improve the asset’s exteriors, various site and landscaping improvements, expanding and enhancing the amenity program and potential development of additional units at Creekbridge.

Situated within the vibrant and growing community of Brandon, Florida, Creekbridge and Westwood Crossing benefit from convenient access to the surrounding area’s amenity-rich environment. Located a short distance from a variety of offerings, residents enjoy nearby parks, lakefront trails, a vast selection of happening retail and restaurant destinations and a bustling downtown area. In addition to the neighborhood’s offerings, both properties feature a roster of on-site amenities, including beautiful landscaping, on-site management and maintenance, a resident clubhouse, a state-of-the-art fitness center and an outdoor gym, mini soccer, a children’s playground and exquisite pools.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Categories
Sells

BIP Sells: Esplanada Apartments

Bayshore Investment Partners (“BIP”) is pleased to announce the sale of Esplanade Apartments, a 186-unit apartment complex completed in 2009 in Orlando, Florida. The asset was acquired from Starwood Capital as part of BIP’s Class B acquisition strategy in
2017. The property was identified as a target based on the proximity to the Millenia Mall and the large two- and three- bedroom floorplates, as it was originally planned to be for-sale condo product.
Over the five years of ownership, BIP was able to efficiently manage the asset while significantly increasing the NOl as rental rates surged in the Orlando market. Upon amortization commencing on the loan, the partnership marketed the property for sale.
As the debt capital markets and insurance market became volatile, BIP was able to work with the buyer by keeping open lines of communication with all relevant stakeholders and ultimately extended the closing date. Esplanade was sold in December 2022 and delivered LP returns of a 28.05% IRR and a 3.6x equity multiple.
We would like to thank Sherry Stanley who represented BIP and Shelton Grenade, Luke Wickham and Justin Basquil from IPA Florida who represented BIP in the disposition.

Categories
Sells

BIP Sells: Jaffa Drive Business Park

Bayshore Investment Partners (“BIP”) is pleased to announce the sale of Jaffa Drive Business Park located in St. Cloud (Orlando), Florida. The 63,200 square foot small bay industrial flex warehouse was developed in phases from 2006 to 2018 and was 100% leased at the time of sale. We would like to thank Chad Freedman of Ballaga Freedman & Atkins LLLC who represented BIP and Jones Lang LaSalle’s Luis Castillo and Cody Braise who represented BIP in the disposition. Upon sale, the partnership achieved LP IRR returns of 71.26% and a 2.37x equity multiple in less than 2 years of operations.

Bayshore Investment Partners, LLC (“BIP”) is a Miami-based real estate investment and management firm that was formed in 2010 to acquire and operate multifamily and commercial properties. Today, BIP acquires apartments, retail centers, and industrial flex assets. BIP has acquired seventeen apartment communities with over 2,200 units since inception and an additional 170,000 square feet of retail and industrial flex assets comprising over $350 million in acquisition value. Combined, the principals have acquired and/or managed over $4 billion of real estate assets nationwide during their careers. 

In addition to acquiring properties partnering with high-net-worth family offices, BIP closed on BIP Multifamily Fund I, LP, its first fund focused on 100 to 250 unit apartment communities, 1980s or newer in Florida, Atlanta, Raleigh and Charlotte, with +$38M in commitments raised (including co-invest vehicles). For more information, please visit www.bayshoreinv.com.

Categories
Acquires

BIP Acquires: Piedmont Pad Apartments

Bayshore Investment Partners (“BIP”) is pleased to announce its first acquisition of 2022, Piedmont Pad Apartments. Developed in 2007, the property is located in Downtown Atlanta alongside one of Atlanta’s main arteries, Piedmont Avenue, and consists of 144 bulk units (out of a total of 160 units in the condominium). Furthermore, the property is situated just south of Peachtree Center and is two blocks away from the main campus of Georgia State University (+51,000 students) and Grady Memorial Health System (fifth largest public hospital in the U.S.).

The property will be rebranded to Piedmont Pad Apartments and is the third asset acquired by BIP’s first fund, BIP Multifamily Fund l, LP which raised over $38 million (including co-invest vehicles). The fund is focused on investing in 100 – 250 unit apartment communities, 1980s or newer in Florida, Atlanta, Raleigh and Charlotte.

We would like to thank the Polsinelli team of Kimberlie Pearlman and Nataly Caras for representing BIP as well as Travis Presnell, Mike Kemether, Wesley Lacefield and James Wilber from Cushman & Wakefield who represented the seller in this transaction. The property will be managed by BIP’s sister company, Cynergy Property Management, LLC.

BIP is a Miami-based real estate investment and management firm that was formed in 2010 to acquire and operate multifamily and commercial properties. Today, BIP acquires apartments, retail centers, and industrial flex assets. BIP has acquired sixteen apartment communities with approximately 2,250 units since inception and an additional 1 70,000 square feet of retail and industrial flex assets comprising of approximately $360 million in acquisition value. Combined, the principals have acquired and/or managed over $4 billion of real estate assets nationwide during their careers. For more information, please visit www.bayshoreinv.com.

Categories
Acquires

BIP Acquires: Portofino at Championsgate

Bayshore Investment Partners (“BIP”) is pleased to announce its fifth multifamily acquisition of 2021, Portofino at Championsgate. The 121-unit luxury apartment community was completed in 2018 and is in the master planned community of Championsgate, west of Orlando and in close proximity to Disney. The luxury community was developed via concrete- block construction and includes the following amenities: private direct-access garages attached to each unit, resort style swimming pool / spa, expansive fitness studio, secure and gated barcode access, dog park with agility course, outdoor grilling stations, resident coffee bar and an outdoor yoga area.

This acquisition increases BIP’s Orlando portfolio to three communities with approximately 430 units. Furthermore, this acquisition marks BIP’s +2,100 units since inception milestone. The partnership acquired the asset via the assumption of an existing HUD loan.

We would like to thank Chad Freedman of Ballaga Freedman & Atkins who represented the partnership in the acquisition and Shelton Grenade, Luke Wickham and Justin Basquil from IPA Florida who represented the seller. Our sister company, Cynergy Property Management LLC, will be providing property management services.

BIP is a Miami-based real estate investment and management firm that was formed in 2010 to acquire and operate multifamily and commercial properties. Today, BIP acquires apartments, retail centers, and industrial flex assets. BIP has acquired sixteen apartment communities with over 2,100 units since inception and an additional 170,000 square feet of retail and industrial flex assets comprising over $330 million in acquisition value. Combined, the principals have acquired and/or managed over $4 billion of real estate assets nationwide during their careers. For more information, please visit www.bayshoreinv.com

Categories
Acquires

BIP Acquires: Westwood and Creekbridge Crossing Apartments

Bayshore Investment Partners (“BIP”) is pleased to announce the recent acquisitions of Avenue @ Creekbridge, a 112-unit apartment community developed in 1987 and Westwood @ 60, an 88-unit apartment community developed in 1986. Both assets are located in Brandon, Florida, a strong rental submarket of the Tampa metropolitan area. The properties will be rebranded to Creekbridge Crossing Apartments and Westwood Crossing Apartments, while increasing BIP’s “Crossing” branded Tampa MSA portfolio to four communities with approximately 550 units.

The acquisition of Westwood and Creekbridge represents the rst two assets acquired by BIP’s rst fund, BIP Multifamily Fund I, LP. The fund is focused on 100 to 250 unit apartment communities, 1980s or newer in Florida, Atlanta, Raleigh and Charlotte, with +$32M in commitments raised for its rst closing (including co-invest vehicles). BIP Multifamily Fund I, LP will have a second and nal fund closing prior to year-end.

We would like to thank the Polsinelli team of Kimberlie Pearlman and Nataly Yosef, for representing BIP as well as the Berkadia team of Brad Williamson, Mitch Sinberg and Kyle Ryan for arranging nancing. Finally, we would like to extend our gratitude to Ryan Moody and Patrick Dufour from Newmark who represented the seller in this transaction. Both properties will be managed by BIP’s sister company, Cynergy Property Management .

BIP is a Miami-based real estate investment and management rm that was formed in 2010 to acquire and operate multifamily and commercial properties. Today, BIP acquires apartments, retail centers, and industrial ex assets. BIP has acquired fteen apartment communities with over 2,000 units since inception and an additional 170,000 square feet of retail and industrial ex assets comprising over $300 million in acquisition value. Combined, the principals have acquired and/or managed over $4 billion of real estate assets nationwide during their careers. For more information, please visit www.bayshoreinv.com.