Berkadia, a leading commercial real estate company, recently secured financing for Axonic Properties’ acquisition of 246 condo units at Palmera Pointe Apartments in Tampa, Florida. The loan was led by Berkadia’s Mitch Sinberg and totaled $32.23 million.
The non-recourse loan has a five-year term and flexible structure to align with the sponsor’s business plan. It includes an initial funding of $25 million and an additional $7.232 million to support their strategy.
Axonic Properties began acquiring units at Palmera Pointe in December 2021 and now owns 78% (282 out of 361) of the rental condominium community after closing on this bulk purchase last month.
This prime location offers residents convenient access to Tampa’s top shopping centers, restaurants, museums, sports stadiums, business districts,and beaches.
