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: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
Donald Trump and Grant Cardone (Cardone Enterprises)
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
arrow_forward_ios

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

Loading...