Berkadia Completes Orlando, Tampa Transactions

The Orlando-area Winter Park Shopping Center received $27 million in financing, while the Villages at Turtle Creek, a suburban Tampa community, traded in an $18.6 million deal.
Winter Park Shopping Center
Winter Park Shopping Center

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National, recently completed two separate transactions in Florida. The company secured financing for Winter Park Shopping Center, a 76,000-square-foot retail complex in Winter Park, Fla., and completed the sale of Villages at Turtle Creek, a garden-style multifamily property in Lutz, Fla.

Located on U.S. Highway 17-92, Winter Park Shopping Center’s anchors are Whole Foods Market and Nordstrom Rack. Developed by UP Development, the complex opened in late 2016. Senior Managing Director Marc Sumner arranged $27 million in financing for the shopping center: The loan carries a 15-year term and was secured through Sun Life Financial. Earlier this year, Berkadia arranged a $31 million bridge loan for Jupiter Medical & Technology Park in Jupiter, Fla.

Villages at Turtle Creek
Villages at Turtle Creek

Separately, the investment sales team completed the disposition of Villages at Turtle Creek, located at 14620 Turtle Creek Circle. GMC Properties sold the 232-unit property to Praxis Capital in an $18.6 million deal. The community features one- and two-bedroom units and a wide array of amenities, including a fitness center, two pools, laundry facility, tennis court and spa.

Planned renovation

Senior Director Jason Stanton of the Tampa office and Senior Managing Director Cole Whitaker of the Orlando office represented the seller in the transaction. Managing Director Jackson Cloak of the Irvine, Calif., office worked to secure financing for the property. According to Yardi Matrix, Freddie Mac provided $13.9 million in acquisition financing, scheduled to mature in 2024.

“The new owner is planning on implementing a value-add program, leveraging off numerous capital improvements that were completed by the previous owner,” said Stanton, in prepared remarks.

The Villages at Turtle Creek provides access to downtown Tampa via interstate 75 or 275. The community is within two miles of the University of South Florida, Shriners Hospitals for Children, Florida Hospital Tampa, James A. Haley Veterans Hospital and the Moffitt Cancer Center.

Images courtesy of Berkadia