JSB Capital has secured a total of $42.5 million in debt and equity to refinance Exchange at the Beach, a 232-unit multifamily apartment community located in the Upper Grand Lagoon neighborhood of Panama City Beach, Florida.
Berkadia originated a $29.024 million Freddie Mac-backed, five-year, fixed-rate loan and arranged $13.526 million in preferred equity.
The refinancing was arranged on behalf of the sponsor by Berkadia Miami’s Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins.
“By pairing long-term, fixed-rate Freddie Mac debt with preferred equity, we were able to bridge the equity gap and deliver a capital stack that preserved the sponsor’s business plan, enhanced flexibility and positioned the asset for long-term stability,” said Robbins.
Built in 2022, Exchange at the Beach offers one- and two-bedroom apartment homes featuring private patios or balconies. Community amenities include a clubhouse with a coffee bar, a business center, a games area, a 24-hour fitness center, a swimming pool, and outdoor BBQ and grilling stations.
