**Berkadia Secures $26.62M Financing for Wild Pines of Naples Acquisition**
Berkadia has successfully secured financing for Interface Properties’ acquisition of Wild Pines of Naples, a 200-unit apartment community located in Naples, Florida. The property includes 100 income-restricted affordable housing units.
A team comprising Mitch Sinberg, Michael Basinski, Scott Wadler, Brad Williamson, and Matt Robbins facilitated the transaction. The financing package includes the assumption of a $20.62 million senior loan and an additional $6 million in supplemental funding, both provided through Freddie Mac. The loans are fixed-rate with 10-year terms, bringing the total financing to $26.62 million.
Wild Pines of Naples was developed in multiple phases between 1985 and 2001, with approximately 10% of the units constructed in 1968. Situated at 2850 Wild Pines Lane, the community consists of two-story garden-style buildings offering a mix of market-rate and affordable housing units. On-site amenities include a clubhouse, swimming pool, laundry facilities, a fitness center, and a business center.
As part of the acquisition strategy, Interface Properties plans to complete property enhancements such as upgrades to the laundry and gym facilities, improvements to existing amenities, landscaping enhancements, the addition of a dog park, and other community improvements.
