Westside secures $16.12 Million Recapitalization for Jacksonville Apartments from Fannie Mae

PUBLISHED IN Berkadia  | APRIL 24, 2020

By Berkadia

Berkadia announces it has secured $16.12 million in financing for the recapitalization of Creekwood Club, a 176-unit apartment and townhome community located in Jacksonville, Fla. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the financing on behalf of borrower Westside Capital.

Berkadia originated and Fannie Mae purchased the 10-year, fixed-rate loan with partial interest only, at a 75 percent loan to value. The property was 95 percent occupied at the time of refinancing.

“While the application was taken before the pandemic impacted the U.S., we were not immune to some of the logistical challenges that many encountered in the last 30 days,” said Foschini. “The borrower’s exceptional approach to active management added tremendous value since it acquired the asset almost two years ago, and that continued as the market evolved, with management working closely with tenants to keep collections in place. These facts, combined with Berkadia’s relationship with Fannie Mae, allowed the borrower to get best rate and terms available and a timely closing.”

Located at 8343 Hogan Road, Creekwood was built in 1975 and consists of a mix of studio, one-, two- and three-bedroom apartments ranging in size from 422 square feet to over 1,300 square feet. Amenities include a community swimming pool, clubhouse with stone fireplace, fitness center, billiard and media room, lighted tennis court, a dog park, and a playground.

Creekwood Club is conveniently located off of U.S. Route 90/FL-228, and less than 10 minutes from downtown Jacksonville, the beaches of Jacksonville, and several major employment and shopping centers.

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