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

TRD MIAMI /
Oct.October 28, 2018 02:40 PM

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


Related Articles

arrow_forward_ios
Rendering of the Brickell hotel development, Tony Cho and Robert Finvarb

Finvarb and Cho land construction loan for mixed-use hotel near Brickell City Centre

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

PB Gardens condo community seeks yet another contractor to repair its buildings

arrow_forward_ios