April Housing, a company focused on preserving affordable housing, has completed a $366.1 million refinancing secured by a portfolio of 13 apartment communities in Florida. The transaction centers on a collection of affordable multifamily properties and is structured as a single refinancing package rather than individual asset-level loans.
Berkadia’s Tim Leonhard arranged the financing through Fannie Mae on behalf of April Housing, which is a portfolio company of Blackstone. The use of an agency execution underscores April Housing’s access to institutional capital channels for its affordable housing portfolio. While specific loan terms were not disclosed, the deal size highlights the scale of the portfolio and the capital investment directed toward maintaining its long-term affordability.
The 13-property portfolio is composed of garden-style multifamily communities located in Miami, Jacksonville, and Tampa. These markets collectively represent a meaningful concentration of affordable rental housing within Florida. According to the parties involved, the refinancing is intended to support the continued preservation and ongoing operation of affordable units across the portfolio, reinforcing the long-term affordability of the communities rather than repositioning them to higher-rent uses.
April Housing is described as one of the largest owners and preservers of affordable housing in the United States. Since 2024, the company has completed the preservation of more than 3,650 affordable homes nationwide. More than 700 of those preserved homes are in Florida and were completed within the last year, indicating a significant recent focus on maintaining affordability in that state. The newly completed refinancing adds to this activity by providing capital that supports long-term operations for a sizable group of Florida assets.
Berkadia Affordable Housing, which handled the financing, operates as an integrated financial services platform that brings together mortgage banking, investment sales, and tax credit syndication capabilities. Its role in securing Fannie Mae financing for April Housing’s Florida portfolio reflects the firm’s specialization in the affordable housing segment and its ability to align agency capital with long-term affordability strategies for large-scale multifamily portfolios.
