Berkadia has successfully obtained financing for the purchase of Colonial Forest and Northwood Apartments, two garden-style multifamily properties in Jacksonville. The combined 328-unit complexes have been featured in numerous news articles discussing their condition. With a total cost of $20.3 million, Southeast Property’s Joe Rubin expressed excitement about acquiring these assets at below-market prices and plans to not only improve the appearance but also enhance the community for both immediate residents and the City of Jacksonville.
On behalf of Southeast Property, Berkadia secured a bridge loan worth $21.15 million with a fixed rate over three years that includes an additional $9.6 million allocated towards future capital expenditures.
Colonial Forest was built in 1969 and is situated at 5928 Firestone Road while Northwood Apartments was constructed in 1975 on Dunn Avenue just north of Downtown Jacksonville. The seller was The Chetrit Group.
This article discusses how two distressed properties located within Jacksonville were recently acquired by Southeast Property through financing provided by Berkadia.
The acquisition of Colonial Forest and Northwood Apartments, two garden-style multifamily properties totaling 328 units located in Jacksonville, has been successfully financed by Berkadia on behalf of Southeast Property for a total cost amounting to $20.3 million.The conditionof these complexes has garnered attention from various media outlets.However,SoutheastProperty’s Joe Rubin expressed enthusiasm about purchasing these assets below market valueand aims to not only enhance their physical appearance but also upliftthe surrounding community as well as benefittingthe city itself.Berkadiasecureda fixed-rate bridge loan worth$21 .15millionforSoutheastPropertywithanadditional$9 .6millionallocatedtowardsfuturecapital expendituresoverathree-yearperiod.OnFirestoneRoadliesColonialForest,built-in1969,andNorthwoodApartments,onDunnAvenue,northofdowntownJacksonville,built-in1975.ThesellerwasTheChetritGroup.
