The Reserve at Palmer Ranch
Berkadia Completes Sale and Secures Financing for Multifamily Property in Sarasota, Florida
Berkadia announced today the sale and financing of The Reserve at Palmer Ranch, a 320-unit, garden-style multifamily property in Sarasota, Florida. Senior Managing Director Jason Stanton and Cole Whitaker and Managing Director David Etchison of Berkadia Central & North Florida led the sale on behalf of the seller, California-based Strategic Holdings.
Senior Managing Director John Koeijmans of Berkadia Dallas secured the acquisition financing through Freddie Mac on behalf of the buyer, Wisconsin-based MLG Capital. The ten-year loan featured a fixed interest rate, and full-term interest only. The deal closed on September 7.
“This was a great opportunity for the buyer to purchase one of only four multifamily communities within the exclusive Palmer Ranch Master Association,” said Stanton. “MLG Capital plans to implement upgrades to the community and build upon capital improvements completed by Strategic Holdings during their ownership,” said Etchison.
“This transaction showcased our strong partnership with Freddie Mac as we navigated a turbulent financing environment, said Koeijmans “MLG Capital was able to utilize Freddie Mac’s Index Lock execution to secure a below market interest rate, despite the volatility in the capital markets.”
Located at 4100 Winners Circle, the property is in the prestigious Palmer Ranch Master Association near major employers like HCA Florida Sarasota Doctors Hospital, Sarasota Memorial Hospital, and Tervis Headquarters. The Reserve at Palmer Ranch was built in 1990 and features 320 units with a wide range of amenities like a fitness studio, two resort-inspired pools, bark park, car care center, and gaming courtyard. The low-density site layout offers two-story and quiet single-story buildings with 67 percent of the units being two- and three-bedroom apartment homes.