The Real Deal Miami

Jacksonville firm finances $22M acquisition of Pensacola rentals with Freddie Mac loan

Michaelson Group got a $16.5M Freddie Mach loan with a 12-year term, including six years of interest-only payments, to finance its acquisition of the rental complex
October 28, 2018 02:40PM

Carriage Hill Apartments is a 260-unit complex just north of downtown Pensacola. (Credit: RentLingo)

A Jacksonville-based firm financed its $22 million acquisition of a Pensacola apartment complex with a 12-year Freddie Mac loan.

Michaelson Group of Jacksonville paid $84,615 per unit for Carriage Hill Apartments in Pensacola. The Hallmark Companies of Atlanta was the seller of the 260-unit apartment property, built in 1972.

Michaelson Group financed its acquisition with a $16.5 million, fixed-rate Freddie Mac loan with a 12-year term, including six years of interest-only payments.

Carriage Hill Apartments, located just north of downtown Pensacola at 2355 West Michigan Avenue, has a mix of one- and two-bedroom units and three-bedroom, townhouse-style units. Monthly rents range from $800 to $1,250.

Common-area amenities include a swimming pool, outdoor grill, fire pit, dog park, gym and business center, plus three 24-hour laundry facilities.

“Michaelson Group has plenty of upside remaining through the continuation of Hallmark’s interior upgrade program,” Cole Whitaker, senior managing director of the Orlando office of Berkadia, said in a prepared statement.

Whitaker represented Hallmark in its sale of the Pensacola rental property together with David Etchison, senior director of Berkadia’s office in Florida’s Panhandle region.

A four-member Berkadia team secured the Freddie Mac financing on behalf of Michaelson Group: senior managing director Mitch Sinberg and associate director Matt Robbins in the South Florida office, and senior managing director Bob Falese and associate director Jeremy Lynch in the Philadelphia office. – Mike Seemuth