Berkadia has successfully arranged a $57 million bridge loan to refinance the construction debt for Astor Sound at Lake Worth, a new 230-unit multifamily community in Palm Beach County. The project, developed by Midtown Capital Partners, is nearing completion and represents a significant investment in the region’s housing market.
Key Takeaways
- Berkadia facilitated a $57 million bridge loan for Midtown Capital Partners.
- The loan refinances construction debt for the Astor Sound at Lake Worth apartment project.
- The community features 230 units and is located in Palm Beach County.
Project Details
The Astor Sound at Lake Worth, situated at 2201 Tenth Avenue North, is a garden-style apartment community spread across a 6.5-acre site. It comprises four residential buildings, with heights ranging from two to five stories, and includes a central clubhouse. The development offers a variety of one-, two-, and three-bedroom floor plans, with unit sizes from 715 to 1,160 square feet. Interior features include modern kitchens with center islands, quartz countertops, luxury flooring, and in-unit washers and dryers.
Amenities and Location
Residents of Astor Sound will have access to a range of community amenities designed to enhance their living experience. These include a resort-style pool with a pavilion and summer kitchen, a fitness center, a co-working lounge, a coffee bar, a game room, and a conference room. The development also caters to pet owners with a dedicated dog park and spa, and offers outdoor trails for recreation. The property’s location provides convenient access to downtown Lake Worth, I-95, Palm Beach State College, HCA Florida JFK Medical Center, and Palm Beach International Airport.
Financing and Development Team
The $57 million bridge loan was secured by Berkadia’s team, which included Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Brad Williamson, and Matt Robbins, along with Vice President Patrick Johnson. The loan was originated by Infinity Collective and has a two-year term with an option for a six-month extension. The transaction closed on September 19. Midtown Capital Partners, the sponsor, is a Miami-based real estate investment firm founded in 2010, with a portfolio that extends across the U.S. and Spain.