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Berkadia Aids in Selling, Financing S. Florida Beach Apartments – Connect CRE

by | Jan 2, 2024 | 0 comments

Berkadia oversaw the sale and financing of San Marco 1, a 156-unit vintage, garden-style apartment in Deerfield Beach, Florida. A Berkadia South Florida team led by Yoav Yuhjtman secured the $24.6 million sale on behalf of the seller, Prashkovsky USA, a leading family entrepreneurship, development, and construction group. 

Another Berkadia team secured $14.76 million in acquisition financing through a bank on behalf of the buyer, South Florida-based Category Five Real Estate (“CFRE”).

The seven-year, fixed-rate, non-recourse loan includes four years interest-only and a step-down pre-payment structure.

Built in 1973, San Marco I is a two-story, garden-style apartment property located on a 6.19-acre site at 311 Northwest 42nd Court in Deerfield Beach, just west of I-95. The entire property is composed of two-bedroom apartments ranging from 810 square feet to 900 square feet. The property is situated roughly 30 minutes north of Fort Lauderdale-Hollywood International Airport and 30 minutes south of Palm Beach International Airport. 

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