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

Berkadia, a distinguished leader in the commercial real estate sector, announces that it arranged acquisition financing for Bayshore Investment Partners LLC (BIP) to acquire Laurel Lakes, a brand-new, build-to-rent (BTR) community consisting of 68 townhomes in the fast-growing Hillsborough County suburb of Seffner, 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 $11.83 million in financing on behalf of BIP, a Coral Gables-based real estate investment and management firm, which acquired the community from seller D.R. Horton for $265,000 per unit. The deal closed on September 19.

Fannie Mae provided a five-year loan with a full-term interest-only amortization schedule at a fixed rate of 5.1 percent.

“This was another rewarding opportunity to partner with Bayshore Investment Partners on a build-to-rent acquisition in the Tampa Bay market,” said Williamson. “Like last year’s Cedar Ridge transaction, Laurel Lakes presented unique challenges with the seller’s hard closing date and the property still in lease-up. Ultimately, we were able to finance this as a conventional Fannie Mae loan with attractive terms and a quick closing.”

“This is our second time working with Berkadia on a BTR acquisition, and once again their team delivered exceptional results under tight time constraints. Their ability to structure financing that meets both the seller’s deadline and our long-term investment strategy is invaluable as we continue to grow our BTR portfolio,” said Jose Tello, co-founder and principal at BIP.

“The Laurel Lakes acquisition reflects our confidence in the fundamentals of the Hillsborough County market and the strength of the BTR sector,” added Efren Ales, co-founder and principal at BIP. “Partnering with Berkadia and Fannie Mae gave us a seamless process and competitive loan terms, allowing us to focus on scaling our platform and creating long-term value for our investors.”

Built in 2024 and located at 9281 Cape Verde Drive, Laurel Lakes offers concrete block attached townhomes in two floor plans, both offering three bedrooms and two and a half bathrooms along with attached garage. Individual homes feature 9-foot ceilings, fully equipped gourmet kitchens, hardwood-style flooring, in-home washer/dryer, spacious walk-in closets, smart home packages, private one-car garages, pristine lake views and more. Community amenities include on-site management, ample parking and pet-friendly spaces.

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.