Berkadia announced that it arranged a $19.165 million loan for the acquisition of Solera at Avalon Trails, a newly constructed 74-unit, age-restricted build-to-rent community in Delray Beach, Florida designed for residents ages 55 and older. The financing was arranged on behalf of Tampa, Florida-based Robbins Property Associates. Berkadia originated the Freddie Mac-backed, 10-year, fixed-rate loan featuring a full-term interest-only structure.
The deal was handled by Senior Managing Director Mitch Sinberg, Managing Director Brad Williamson, Managing Director Scott Wadler and Vice President Hugo Hernandez of Berkadia Miami and Boca Raton. The property, completed in 2024 and located at 14800 Cumberland Drive, offers two- and three-bedroom rental homes with stainless steel appliances, quartz countertops, wood-like plank flooring, private brick-paved patios, and smart-home features. Community amenities include a clubhouse with a fitness center, entertainment theater, arts and crafts room, card rooms and a café, plus a lap pool, resort-style pool, two tennis courts, four pickleball courts and a 2.4-mile walking and nature trail. The acquisition marks Robbins Property Associates' 22nd property acquired in the Central and South Florida markets.
Sinberg said demand for active adult rental housing continues to grow across South Florida, and that purpose-built communities for residents 55 and older are becoming an increasingly important part of the housing market. He noted that with the age-qualified population expanding and new active adult deliveries slowing, well-located communities like Solera at Avalon Trails are positioned for sustained demand. The property sits within the master-planned Villages of Oriole community, with access to Florida's Turnpike and I-95, and is about 22 miles from Palm Beach International Airport.
The announcement does not disclose the purchase price, the loan-to-value ratio, or the identity of the seller. It also does not specify the interest rate on the fixed-rate loan or the exact timing of the acquisition closing. Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, described the financing as tailored to the acquisition, but no additional terms beyond the 10-year, interest-only structure were provided.