Hendricks-Berkadia Negotiates sale of 185-unit Ravenwood Apartments in Kissimmee for $8.5 million

ORLANDO, Fla. --- Hendricks-Berkadia, among the nation’s largest and most active multi-family investment banking and research firms, recently negotiated the sale of Ravenwood Apartments off N. John Young Parkway in Kissimmee. Cole Whitaker, partner who heads Hendricks-Berkadia in the southeast region and associate partner Hal Warren negotiated the sale. Sale of the property, built in 1993 with 185 apartment units on 16 acres, qualified for low housing tax credits (LHTC) financing. The average rents are $632.00. Ravenwood Partners LLC paid $8.5 million to acquire the property from Ravenwood Partners of Kissimmee.

Forman Capital Provides $26 Million First Mortgage for 280-unit Condominium Inventory in Panama City Beach

PALM BEACH, Fla. -- Forman Capital, a direct lender for commercial real estate nationwide, recently funded a $26 million first mortgage secured by 280 units in the 709 unit community known as Shores of Panama located in Panama City Beach. Brett Forman, founder and president, said the loan was utilized to refinance the existing bridge debt, and provide greater flexibility for the sponsor’s business plan. Forman Capital took an entrepreneurial approach to the transaction, provided flexible terms, and closed in less than 30 days. Forman Capital’s platform combines real estate underwriting and analysis of traditional credit metrics, with integrity and speed. Since 2004 Forman Capital has provided creative and reliable capital solutions to its middle market clients across a diverse range of real estate asset classes and transaction types.

Stirling Sotheby’s International Realty Named Exclusive Sales, Marketing Agents for Palermo Vista in Longwood

LAKE MARY, Fla. -- Stirling Sotheby’s International Realty has been named exclusive sales and marketing representatives at Palermo Vista, an intimate community of luxury villas located off Longwood Hills Road in the Lake Mary / Longwood area. Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said construction of 16 two-story luxury Italian villas at Palermo Vista is already underway and the first villas will open for occupancy by the end of the year. Each villa offers 3,269 square feet of living space with three bedrooms, three full baths and a half bath, a family room, a private 450-square foot verandah patio on the second floor, plus an optional fourth bedroom or den. The gourmet kitchen includes designer solid wood 42-inch cabinets, solid surface granite countertops and stainless appliances, with custom finishes throughout. The spacious owner's suite features a luxurious bath with tub, separate shower, a double vanity, an oversized walk-in closet and private balcony. The main living area opens onto an 18' x 25' verandah patio through large glass pocketing doors and homebuyers have the option to include a gas fireplace and summer kitchen with gas grill. Each villa also includes a two-car garage. Stirling Sotheby’s International Realty has opened a model center at its Heathrow Marketing Center, located on International Parkway, and Luxury Home Specialists Sally Andy and David Warren are representing the property. Soderstrom said Palermo Vista ranks as one of the first communities of new luxury villa homes to come onto the market since the start of the U.S. recession six years ago. Luxury villas at Palermo Vista’s pre-opening prices start from the mid-$300s.