Berkadia has arranged $19.11 million in acquisition financing for Ibis Park at Harmony West, a newly built, 101-home build-to-rent community in St. Cloud, Florida. The transaction supports Bayshore Investment Partners’ continued expansion across high-growth Florida markets and adds another institutional-quality asset to its growing rental portfolio.
Key takeaways
- Berkadia arranged a five-year, fixed-rate loan with full-term interest-only payments.
- Bayshore Investment Partners acquired Ibis Park for $29.4 million.
- The community includes 101 detached rental homes completed in 2024.
- The acquisition increases Bayshore’s owned and managed portfolio to more than 2,000 units.
The financing was arranged by Berkadia’s Miami team, including Managing Director Brad Williamson, Vice President Kyle Ryan, Senior Managing Director Mitch Sinberg, and Managing Directors Scott Wadler and Matt Robbins. The loan was secured on behalf of Bayshore Investment Partners, a Coral Gables-based sponsor.
Financing supports Florida growth strategy
Ibis Park represents the latest addition to Bayshore’s build-to-rent portfolio. The company has also acquired Cedar Ridge at Forest Lake in Davenport, Laurel Lakes in Tampa, and Fox Glen, a 100-home community in Cocoa, from the same national homebuilder over the past two years.
The acquisitions reflect Bayshore’s focus on newly developed rental communities in Florida markets with expanding populations, employment bases, and housing demand. The sponsor said its total acquisitions since inception now exceed 3,050 residential units.
Community offers single-family rental experience
Completed in 2024, Ibis Park is located at 7110 Sandhill Crane Way within the Harmony West master-planned community. Its detached homes feature three-, four-, and five-bedroom floor plans, open-concept designs, 10-foot ceilings, granite countertops, luxury vinyl plank flooring, stainless steel appliances, private patios, and fenced yards.
Community amenities include:
- Clubhouse and fitness center
- Resort-style swimming pool
- Volleyball court and playground
- Outdoor gathering areas
The amenity package was incorporated into the community’s original design, supporting a neighborhood-oriented experience for renters seeking many of the features associated with single-family ownership.
Access to Orlando employment centers
The property benefits from proximity to Florida’s Turnpike and U.S. Highway 192. Those roadways connect residents with Orlando International Airport and employment centers throughout the broader Orlando metropolitan area.
Berkadia said demand for professionally managed build-to-rent communities continues to exceed new supply in many Florida markets. The company characterized the sector as an increasingly important part of the U.S. housing market.
Integrated management approach
Bayshore’s principals said the company’s strategy combines acquisitions from leading homebuilders with vertically integrated operations through its management platform, Cynergy. The platform participates from due diligence through closing and ongoing management, enabling the sponsor to build a cohesive portfolio rather than a collection of individual assets.
For Berkadia, the transaction extends its longstanding relationship with Bayshore and demonstrates the lender’s continued activity in the build-to-rent sector. The loan’s fixed-rate, interest-only structure gives the sponsor a defined financing period as it continues expanding across Florida and the broader Sunbelt.
Sources
- Ibis Park at Harmony West, Yield PRO.