Berkadia arranges $32.23m in financing for fractured condo acquisition in Tampa

Berkadia announced that it has secured financing for Axonic Properties’ acquisition of 246 out of 361 condo units at Palmera Pointe Apartments, located in the Town ‘n’ Country submarket of Tampa, Fla. Berkadia South Florida secured a $32.23 million loan on behalf of the sponsors, Axonic Properties, a New York City–based private equity firm specializing in residential real estate. The deal closed on Jan. 31.

Axonic Properties began acquiring units at Palmera Pointe in December 2021 and amassed 36 units prior to closing on the bulk acquisition of an additional 246 units in January. This gives Axonic ownership of 282 out of the 361 condo units, or 78 percent ownership.

Berkadia secured a non-recourse loan with a five-year term and a flexible structure to align with the sponsor’s business plan. It includes $25 million of initial funding and $7.232 million of additional funding to execute their business plan.

Located at 7417 Palmera Pointe Circle, Palmera P