Berkadia Secures Financing for Axonic Properties’ Acquisition of Palmera Pointe Apartments in Tampa, Florida

Berkadia Secures Financing for Axonic Properties’ Acquisition of Palmera Pointe Apartments in Tampa

TAMPA, FL – Berkadia, a leading commercial real estate services company, has announced that it has secured financing for Axonic Properties’ acquisition of 246 out of 361 condo units at Palmera Pointe Apartments in Tampa, Florida.

Located at 7417 Palmera Pointe Circle, the property sits adjacent to the Westshore Business District, Tampa Bay’s largest employment market and the region’s most prominent retail destination. Axonic Properties, a New York-based private equity firm specializing in residential real estate, began acquiring units at Palmera Pointe in December 2021 and recently closed on the bulk acquisition of an additional 246 units, bringing their total ownership to 78 percent.

“We are excited to grow our presence in the Tampa market,” said Jonathan Shechtman, Managing Principal at Axonic Properties.

Berkadia’s South Florida team, including Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson and Matthew Robbins, and Associate Director Scott Wadler, secured a $32.23 million loan for the acquisition. The non-recourse loan has a five-year term and a flexible structure to align with Axonic Properties’ business plan, providing $25 million of initial funding and $7.232 million of additional funding.

“We leveraged the sponsor’s extensive experience and strong track record to provide them with attractive debt with the necessary flexibility to execute their business plan on a complicated transaction,” said Williamson.

Palmera Pointe Apartments offers 361 condo units in a 20-acre rental condominium community with high-quality finishes, designer kitchens, elegant woodwork, and more. The property is conveniently located in the Town ‘n’ Country district of Tampa, just minutes from the airport and with easy access to major highways. Residents also have access to Tampa’s premier shopping malls, restaurants, museums, sports stadiums, business districts, and beaches.

The deal closed on January 31, marking a significant investment in the Tampa real estate market and further solidifying Axonic Properties’ presence in the area.