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

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
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Photo courtesy of David Iglesias
Boca Beach House condo project scores $43M construction loan
Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)
Affiliated Development launches $125M workforce housing fund
Affiliated Development launches $125M workforce housing fund
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)
Developers score $15M construction loan for Miami townhouse development
Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)
Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Michael S. Liebowitz and Russell Galbut (Linkedin)
Russell Galbut and partner launch blank check company, plan to raise $100M
Russell Galbut and partner launch blank check company, plan to raise $100M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...