September 27, 2019-– Berkadia announces it has arranged the sale and financing of Vantage at Panama City Beach, a new 288-unit garden-style community located in Panama City Beach, Florida. Senior Director David Etchison of Berkadia’s Birmingham, Alabama office represented the seller. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton, Florida office secured $42.6 million in acquisition financing on behalf of the buyer, Cardone Capital. The sale price was not disclosed.
Berkadia originated and Freddie Mac purchased a 10-year, fixed-rate loan with five years interest only.
“Located in a highly desirable location just three miles from the beach, this property provides the new owner with the opportunity to capture upside potential of untapped rental premiums,” says Etchison. “The Panama City MSA has seen upward of 9 percent rent growth over the past 12 months.”
“The borrower timed this acquisition well, allowing Freddie Mac to commit the loan with aggressive terms and hold its spread despite some of the volatility in the markets,” Sinberg comments. “The lender recognized the strength of the borrower’s business plan in a beachside, tourist market that has significant potential for growth.”
Grant Cardone, founder and CEO of Cardone Capital, the founder of the 10X movement based out of Aventura, Florida, purchased the property and renamed it 10X Living at Panama City Beach.
“I am delighted to be able to offer our investors the opportunity to own a piece of property as spectacular as 10X Living at Panama City Beach,” says Cardone. “I believe this is the future of living, an apartment community that appeals to both millennials and baby boomers, along with everyone in between.”
Cardone has been buying real estate across the USA for over thirty years and his firm’s entire portfolio now consists of 6,537 multifamily units with $1.36 billion AUM. Cardone Capital recently made history by raising $50 million in crowdfunding for real estate using social media, the largest Regulation A crowdfunding ever accomplished.
Built in 2018 and located at 7150 Highway 98, the property consists of one, two and three-bedroom units in three-story buildings located on a 20-acre lot. Units feature faux-wood plank flooring, Energy Star appliances, walk-in closets, digital thermostats, a full-size washer/dryer, a balcony or patio, and a private fenced-in yard in some units.
The gated community, located just three miles from the beach, includes resort-style amenities with a clubhouse, business center, internet café, covered pool lounge, outdoor grills and picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour state-of-the-art fitness center and 24-hour Luxer One Package concierge.