Berkadia announced that it secured $38.55 million in refinancing for Tennis Towers Apartments, a 306-unit multifamily community in West Palm Beach, Florida. The transaction matters because it shows how long-term owners are using agency-backed debt to extract flexibility from stabilized assets in a South Florida market that has seen significant corporate investment and population growth. The property has been owned and operated by Rich Properties for more than 35 years, making the refinancing a case study in how legacy multifamily owners can reposition mature assets without selling them.
The financing was arranged by Berkadia Miami and Boca Raton on behalf of sponsor Rich Properties and closed on August 31. Berkadia originated a Freddie Mac-backed, seven-year, fixed-rate loan that includes four years of interest-only payments. The deal team included Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler, Matthew Robbins, and Brad Williamson, and Director Jared Hill. Tennis Towers was built in 1990 and was the first multifamily community developed by Rich Properties, which has since grown into an active developer, owner, and operator of multifamily communities throughout Florida.
The property is located at 2882 Tennis Club Drive near Okeechobee Boulevard and I-95. It offers a mix of studio, one-, two-, and three-bedroom residences ranging from approximately 600 to 1,750 square feet. Community amenities include a tropical swimming pool and sundeck, heated spa, 24-hour fitness center, three tennis courts, BBQ and picnic areas, and a car wash area. The location provides access to downtown West Palm Beach, CityPlace, Clematis Street, and the Brightline station, and is approximately 11 minutes from Palm Beach International Airport. The community is also near Good Samaritan Medical Center and Palm Beach Atlantic University.
The refinancing reflects broader conditions in the West Palm Beach rental market. According to Sinberg, West Palm Beach has undergone a "remarkable transformation, attracting significant corporate investment, new employers and residents," and that growth continues to drive demand for rental housing. The source states that West Palm Beach's population has grown more than 8% since 2020, while new development and corporate relocations have accelerated the transformation of downtown into a major South Florida business center. Sinberg also noted that Tennis Towers is "somewhat unique" because it is a well-established community that has been owned by Rich Properties since it was developed and continues to offer a broad range of apartment sizes and price points.
The evidence base is limited to a single secondary source, Yield PRO, which published the announcement on September 9, 2026. The dossier does not include the loan's interest rate, loan-to-value ratio, debt yield, or the borrower's intended use of proceeds beyond the statement that the financing "provides additional flexibility for a longtime owner while positioning the asset for its next chapter." Berkadia is described as a joint venture of Berkshire Hathaway and Jefferies Financial Group, but no independent confirmation of the transaction terms is available in the dossier. Readers should treat the financing details as reported by the originating firm and monitor whether public records or subsequent disclosures confirm the loan amount, term, and interest-only period.