JSB Scores Debt, Equity Financing for Gulf Coast Apartments
JSB Capital obtained 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 Panama City Beach, Florida neighborhood of Upper Grand Lagoon.
Berkadia originated a $29.024 million Freddie Mac-backed five-year, fixed-rate loan, and secured $13.526 million in preferred equity.
Mitch Sinberg, Scott Wadler, Brad Williamson and Matt Robbins of Berkadia Miami arranged the refinancing on behalf of the sponsor.
Robbins said, “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.”
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, outdoor BBQ and grilling stations.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout